MicroStrategy Stock Slides to $81.81 as mNAV Dips Below 1x Bitcoin Value
MSTR•MicroStrategy shares slumped 3.5% to an annual low of $81.81 at Friday’s close, extending losses that erased 29% of value and pushed its market capitalization below $1-per-share mNAV. The company holds 847,363 BTC at a $64.1 billion cost basis, carries $6.75 billion debt and booked a $14.46 billion fair-value loss.
1. Stock Performance and mNAV Decline
MicroStrategy shares fell 3.5% at Friday’s close to $81.81, marking an annual low and extending an eight-session losing streak that erased about 29% of its market value. The company’s market capitalization slipped below its per-share Bitcoin asset value (mNAV = 1x) for the first time, indicating investors no longer pay a premium for the stock relative to its Bitcoin holdings.
2. Bitcoin Holdings and Financial Obligations
At June-end, the company held 847,363 BTC acquired for $64.1 billion at an average price of $75,651 per coin. Under FASB’s ASU 2023-08, MicroStrategy recorded a $14.46 billion unrealized fair-value loss while balancing $6.75 billion of debt, $15.5 billion in preferred securities and limited cash to fund ongoing dividends.
