Strategy's enterprise multiple to net asset value (mNAV) has dropped below 1, indicating the market values the company at less than the market value of its bitcoin holdings, according to publicly reported figures. Enterprise mNAV is calculated as the sum of the market capitalization of all common shares outstanding, total debt, perpetual preferred stock and USD reserves, divided by the number of bitcoins held. As of June 27, 2026, the stock traded around $82, down from an all‑time high of roughly $566 in November 2024, resulting in an enterprise value of about $50.4 billion while the bitcoin holdings are valued at approximately $51.1 billion based on a price of $60,000 per bitcoin. This places the enterprise value at roughly 0.99 times the value of the bitcoin reserve. Because the enterprise value is lower than the bitcoin reserve, issuing new equity at the current share price would reduce existing shareholders' ownership percentage relative to the crypto assets. The company has indicated it retains options to issue debt or equity when accretive, refinance obligations, or generate cash flow from its software business. The development reflects a shift in market perception of Strategy’s valuation and may influence future capital allocation decisions, though the firm continues to have multiple financing mechanisms available.