Warm Welcome, Tagus Community, June 29, 2026
Strategy's mNAV Below One: Strategy's (MSTR) enterprise mNAV (multiple of Net Asset Value) has recently dipped below 1.0, meaning the company's enterprise value is lower than the market value of its Bitcoin holdings. An mNAV above 1 has historically enabled Strategy to issue equity and preferred securities at a premium to fund additional Bitcoin purchases. Falling below this threshold weakens that model, as new capital raises become more dilutive and reduce the economic incentive to acquire further Bitcoin until the valuation premium recovers. Recent pressures extend beyond Bitcoin's price. Investors have become increasingly concerned about the performance of Strategy's preferred securities, particularly STRC (see Tagus <> Bytes: June 26, 2026), which has raised funding costs and highlighted the growing burden of dividend obligations. Combined with heightened Bitcoin volatility and reduced access to accretive financing, these developments have intensified scrutiny of the sustainability of Strategy's leveraged Bitcoin treasury programme.
