Strategy Shares Slide 29% in a Week as mNAV Falls Below 1
MSTR•Strategy shares slumped 3.5% Friday and lost 29% last week as Bitcoin plunged, pushing mNAV below 1 for the first time and highlighting $6.75 billion debt, $15.5 billion preferred securities and under a year’s dividend coverage. Co-founder Michael Saylor signaled fresh Bitcoin purchases despite cash reserves covering under a year of dividends.
1. Bitcoin-Driven Selloff
MicroStrategy shares slid more than 3.5% on Friday and fell 29% over eight trading sessions after a sharp Bitcoin price decline, extending a selloff that pushed the stock to an annual low of $81.81.
2. mNAV Below 1 Signals Valuation Shift
For the first time, MicroStrategy’s market-net-asset-value (mNAV) dipped below 1 as its market capitalization fell under the value of its Bitcoin holdings, indicating that investors no longer value the stock above its underlying crypto assets.
3. High Leverage and Dividend Risks
The company carries $6.75 billion of debt and $15.5 billion in preferred securities, while cash reserves cover less than a year’s worth of dividend payments, heightening concerns over its ability to fund dividends and service obligations.
4. Futures Rally on Geopolitical De-Escalation
MicroStrategy shares were among those in focus as U.S. stock futures rose roughly 0.4% after reports of a U.S.-Iran pause in strikes and planned diplomatic talks, providing a modest boost to broader market sentiment.

