finance
Strategy Enterprise Value Falls Below Bitcoin Holdings, Implying Negative Value for Its Other Operations
Strategy's enterprise mNAV dropped below 1 on June 27, 2026. The company's enterprise value reached about $50.4 billion while its bitcoin holdings totaled $51.1 billion at a bitcoin price of $60,000. Its stock traded near $82, down 85 percent from the November 2024 peak.
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Strategy's enterprise value fell below the market value of its bitcoin holdings on June 27, 2026. CoinDesk reported that the company's enterprise multiple to net asset value, or mNAV, slipped under 1 for the first time in years. The stock closed near $82.
That price sits about 85 percent below the November 2024 all-time high. Enterprise value stood at roughly $50.4 billion, while bitcoin reserves were valued at $51.1 billion. Enterprise mNAV is calculated as enterprise value divided by bitcoin reserves.
Enterprise value equals the market capitalization of basic shares outstanding plus total debt plus total perpetual preferred stock minus USD reserves. Recent share issuances used to buy bitcoin have been dilutive to common stockholders, CoinDesk reported. The company has drawn criticism from some investors for those purchases.
Michael Saylor leads Strategy. The firm still holds options that set it apart from closed-end funds, including the ability to issue debt or equity when accretive, redeem or refinance securities, generate cash flow from its software business, and adjust its capital structure.
