MSTR shares plunged more than 3.5% last week to an annual low of $81.81, erasing 29% of market value as Bitcoin prices fell. The company’s market cap dropped below the value of its 847,363 BTC holdings (mNAV under 1) despite $6.75 billion of debt and $15.5 billion in preferred obligations.
MSTR stock fell to $81.81, its lowest price in 52 weeks, after Bitcoin’s sharp decline triggered an eighth straight day of losses. The company’s shares lost 29% of their value over the past week as investors unwound positions tied to its digital-asset exposure.
For the first time, MSTR’s market capitalization slipped below the fair-value of its Bitcoin holdings (mNAV below 1.0), indicating investors no longer pay a premium for the stock relative to its underlying BTC assets.
MSTR faces significant liabilities, including $6.75 billion in debt and $15.5 billion in preferred securities, while cash reserves cover less than one year of dividend payments, increasing pressure on liquidity if losses persist.
Executive Chairman Michael Saylor posted an acquisition-tracking chart hinting at further Bitcoin purchases, even as many believe some coins should be sold to shore up the balance sheet. Retail sentiment remains bullish, with message volumes at elevated levels.
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