Strategy's enterprise mNAV has fallen below 1, meaning the market values the whole company at about 50.4 billion dollars while its bitcoin is worth…
For years the story ran the other way.
The deeper worry on the market is that Strategy is starting to trade like a closed-end fund rather than an operating company.
Here is the counterweight, and it matters.
Expect the discount itself to become the story.
Read the complete breakdown, fixes and what happens next.