Strategy’s mNAV Falls to 0.99, Triggering $14.5 Billion Loss
MSTR•Strategy’s mNAV dipped to 0.99 as Bitcoin fell below $60,000, pushing its shares under the value of 847,363 BTC and triggering a $14.5 billion fair-value loss. With $1.4 billion cash, $6.75 billion debt and $1.71 billion in dividends, Strategy has under ten months of runway unless it alters its no-sell pledge.
1. mNAV Drop and Share Valuation
Strategy’s market-to-net asset value fell to 0.99 after Bitcoin prices dropped below $60,000. This marks the first time shares trade below the value of its 847,363 BTC holdings, undermining the premium that backed its capital-raising model.
2. Unrealized Loss Under Fair-Value Accounting
In early 2026, Strategy recorded a $14.46 billion unrealized loss and a $12.54 billion net loss due to ASU 2023-08, which requires quarterly mark-to-market valuations of digital assets. This loss reflects Bitcoin’s decline from the average purchase price of $75,651 to current levels below $60,000.
3. Runway and Cash Flow Challenges
With $1.4 billion in cash, $6.75 billion of debt at 11% net leverage and $1.71 billion of annual dividend obligations, Strategy has approximately 9.8 months of liquidity. The company’s no-sell pledge on Bitcoin holdings may necessitate share issuance or asset sales to meet dividend and debt requirements.
