Strategy's enterprise mNAV - a metric comparing the company's full capital structure, including debt and preferred shares, against the value of its bitcoin holdings - closed below 1.0 for the first time on June 26, ending the session at 0.99. The company holds roughly 847,000 BTC but now carries about $1.2 billion in annual preferred-dividend obligations against a cash reserve that has fallen near $1.4 billion.
This matters because Strategy's entire growth model depended on the market valuing its stock above its bitcoin holdings, letting it issue new shares or debt to buy more BTC. With that premium gone, raising fresh capital gets harder and more dilutive.
The risk is a feedback loop - if bitcoin keeps sliding, Strategy may need to lean on bitcoin sales rather than new issuance to cover obligations. Watch the June 30 ex-dividend date and whether cash reserves keep shrinking.
