MicroStrategy Shares Plunge to 52-Week Lows as mNAV Discount Hits 0.72
MSTR•MicroStrategy’s stock fell 9.35% intraday and its STRC shares dropped 7.41%, both hitting 52-week lows, as its mNAV discount widened to 0.72 near the May 2022 trough. That metric underpins forecasts of a late-2026 Bitcoin bottom around $42,000–$44,000 and may constrain the firm’s Bitcoin-funding capacity.
1. Stock Performance
MicroStrategy’s common shares slid 9.35% intraday to hit a 52-week low, while its preferred STRC shares fell 7.41% below par, reflecting intensified selling pressure on the company’s Bitcoin-backed treasury model.
2. mNAV Discount Reflects Trough Levels
The market-value-to-net-asset value (mNAV) ratio for MicroStrategy sits at 0.72, closely matching the May 2022 low, indicating the firm is trading below the value of its Bitcoin holdings per share.
3. Bitcoin Bottom Forecasts
Analysts point to the deepening mNAV discount as a signal for a potential Bitcoin price bottom in late October 2026, projecting a range of $42,000–$44,000 based on a four-year cycle and past discount patterns.
4. Treasury Model Under Stress
Despite a $300 million cash raise aimed at shoring up STRC, the renewed lows fuel concerns over MicroStrategy’s ability to leverage its Bitcoin holdings for future purchases or debt coverage if prices remain depressed.
