Strategy mNAV Premium Near 1x as Bitcoin Buying Slows

A premium that has nearly vanished

Strategy, the company formerly known as MicroStrategy, now trades almost exactly at the value of the Bitcoin it holds. One live tracker puts its multiple of net asset value (mNAV) at 1.06×. On that reading, investors pay about $1.06 for every dollar of Bitcoin on the balance sheet, against a treasury of 848,000 BTC worth roughly $70.4 billion at spot 1. The same tracker shows a fully diluted market cap of about $59.3 billion and a share price of $154 1.

That is a steep fall. The premium peaked near 3.4× in November 2024, when the market valued the company at several times its coin pile 2. Industry data describes 2026 as the turning point, the year the premium compressed to roughly 1× and some smaller treasury companies slipped below the value of their holdings 4.

Which mNAV?

The exact number depends on how it is measured, and the figures in circulation do not line up neatly. The standard formula divides enterprise value by Bitcoin NAV. Enterprise value is market cap plus debt and preferred equity, minus cash 2. Using that approach, one explainer put Strategy's basic mNAV at 0.81× on September 8, 2026, which would be a discount 2.

The live tracker presents several lenses. Its headline figure is 1.06×. A gross figure of 0.84× matches market cap divided by Bitcoin NAV. A third measure nets senior claims off the treasury first and shows 1.19× on the Bitcoin that backs the common shares 1. The different dates and methods explain much of the spread. Whichever lens you choose, none of them shows the comfortable multiple that once powered the company's strategy.

Why the premium was the engine

The whole model depended on that premium. When shares trade well above NAV, selling new stock to buy Bitcoin increases the amount of Bitcoin behind each share. As the multiple approaches 1×, that advantage disappears. Below 1×, issuing equity to buy coins actually dilutes existing holders.

Strategy's latest purchase shows the effect. The company disclosed a 334 BTC buy for $28 million in an SEC filing. About $15.7 million came from Class A common stock sales and $13 million came from cash on hand 5. A purchase that small is trivial next to an 848,000-coin treasury. More telling is that close to half of it was paid for with existing cash rather than fresh equity. Fresh equity used to be the defining feature of Strategy's playbook.

The broader picture is less cheerful than some coverage suggests. One outlet framed the week as corporate Bitcoin buying "accelerating." It pointed to Strive adding 2,000 BTC and Metaplanet committing to keep 85% to 90% of its assets in Bitcoin 5. Other reporting tells a different story. Bitcoin has dropped about 50% from its highs, and a growing list of companies, Strategy among them, have sold Bitcoin to repay debt, fund operations, buy back shares or build cash reserves 3. Satsuma's shareholders approved liquidating all 668 of its BTC and delisting from London. Miners such as MARA and Bitdeer have sold coins to fund AI infrastructure 3. VanEck's Matthew Sigel has said several firms have left crypto entirely or are cutting their holdings substantially 3.

The risks now in view

Analysts point to forced selling as a central danger. Debt and preferred dividend obligations must be paid regardless of Bitcoin's price, and they become harder to meet when mNAV sinks below 1 4. Smaller treasury firms are considered the most exposed because they have less liquidity and fewer ways to raise emergency capital than a company of Strategy's size 4. There is also a systemic concern. Dozens of companies hold Bitcoin as their main asset, so a price drop hits all of them at the same time, and several selling together could add pressure to the market 4.

Our reading

Strategy is not in distress. It is still buying, it is the largest corporate holder by a wide margin, and on some measures it keeps a small premium 1. But the conditions that made it a Bitcoin accumulation machine are mostly gone. With the multiple near 1×, each new share sold adds little to per-share Bitcoin. The shift toward cash-funded, smaller purchases suggests management knows this 5.

The company's future depends on what happens to that multiple. If the premium widens again, the model can restart. If it stays flat or turns into a discount, Strategy becomes something closer to a leveraged Bitcoin holding vehicle. Its main job would then be servicing its senior claims rather than growing its stack.