In November, the market capitalization of Strategy (formerly MicroStrategy) fell below the value of its bitcoin (BTC) holdings.

Today, the company admitted on its own homepage that its enterprise multiple-to-Net Asset Value (mNAV), calculated by dividing its enterprise value by its BTC holdings, has also fallen to 1x.

MSTR, the company’s common stock, fell to $158.45 during Nasdaq’s morning session, sending its Enterprise Value below $63 billion. (Enterprise Value is the value of common and preferred shares outstanding plus pro forma net debt. It includes market cap and adds the extra value of preferreds and bonds.)

With its BTC holdings worth about $62 billion and its five publicly listed securities plus six series of corporate debt fluctuating rapidly in price, its mNAV flickered within one-hundreth decimal points of 1.

There are even archived versions of Strategy’s homepage from this month memorializing a 1.02x mNAV on Archive.org’s Wayback Machine. Screenshots within the last 24 hours show an mNAV displaying 1x.

...read more at protos.com