MicroStrategy Shares Fall 3.5% as mNAV Drops Below 1 and Debt Tops $6.7B
MSTR•MicroStrategy shares fell 3.5% on Friday, extending an eight-session skid and pushing its mNAV below 1 for the first time. The company has $6.75 billion of debt, $15.5 billion in preferred securities and cash reserves covering less than a year of dividends, while Michael Saylor hints at buying more Bitcoin.
1. Extended Stock Slump
MicroStrategy shares fell for the eighth straight session, slipping 3.5% on Friday to an annual low and erasing 29% of value from the prior week.
2. mNAV Drops Below 1
The company's market capitalization fell below the value of its Bitcoin holdings for the first time, indicating investors no longer pay a premium over underlying crypto assets.
3. Debt and Preferred Securities
MicroStrategy carries $6.75 billion of debt and $15.5 billion of preferred securities, while cash reserves cover less than a year of dividend payments.
4. CEO Bitcoin Acquisition Plans
Executive chairman Michael Saylor posted a Bitcoin acquisition-tracking chart, suggesting potential further purchases despite calls to sell assets to stabilize the balance sheet.
