Strategy Shares Hit $81.81 Low as Market Cap Dips Below Bitcoin NAV
MSTR•Strategy’s share price fell over 3.5% to an annual low of $81.81 as Bitcoin slid below $60,000, driving its market capitalization below its mNAV for the first time. The firm reported a $14.46 billion unrealized loss under ASU 2023-08 and holds $6.75 billion debt and $15.5 billion preferred securities.
1. Stock Plunge and mNAV Breach
Strategy shares slid 3.5% to $81.81, marking an eighth straight session loss that wiped out 29% of its value last week and pushed its market capitalization below its mNAV for the first time.
2. Unrealized Losses Under New Accounting Rule
The implementation of ASU 2023-08 forced a $14.46 billion fair-value markdown on 847,363 BTC holdings (average cost $75,651), resulting in a $12.54 billion net loss or $38.25 per diluted share as Bitcoin dipped below $60,000.
3. Balance Sheet and Obligations
Strategy carries $6.75 billion in debt and $15.5 billion in preferred securities while cash reserves cover less than one year of dividend payments, raising concerns over liquidity and potential dilution.
4. Management Response and Outlook
Executive Chairman Michael Saylor signaled intent to acquire more Bitcoin by sharing an acquisition-tracking chart, even as some investors suggest selling coins to plug losses and retail sentiment remains bullish.
