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@MicroStrategy's enterprise mNAV has fallen below 1.
With the stock declining to around $82, roughly 85% below its November 2024 all-time high, the company's enterprise value has dropped to $50.4B. Meanwhile, its $BTC holdings are worth about $51.1B at a #
Bitcoin# price of $60,000. In other words, the market is now valuing the entire enterprise at less than the value of the $BTC it holds.
At these levels, issuing new shares would become dilutive, as the company would effectively be selling equity at a valuation below the value of its underlying assets, analysts note.