📉 @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.

🚨 MicroStrategy just made a $1.5B move. But it wasn’t a Bitcoin buy. Michael Saylor: “This week we bought bonds not bitcoin. The BitVac is charging.” No BTC was sold. Strategy still holds 843,738 BTC.

ARK THINKS MICROSTRATEGY $MSTR’S PREFERRED EQUITY WAS A MAJOR STRESSOR FOR BITCOIN bitcoin:native The product came under heavy pressure as its price moved far below par: - It initially offered investors around a 9% yield, later rising to roughly 11% - The preferred equity fell from an ideal par value of 100 to as low as 70 - It later recovered toward 85, but ARK still views the stress as one of the key pressures on Bitcoin this year