Strategy has lost two-thirds of its mNAV in two years

The basic multiple-to-Net Asset Value (mNAV) that investors are willing to pay for Michael Saylor’s Strategy has declined by two-thirds over the past two years from 2x to 0.68x.

Exactly 24 months ago, Strategy common stock was worth exactly twice the value of its BTC. For every $1 of BTC the company owned, MSTR traded at $2.

In 2024, there was optimism about Strategy’s ability to positively accrete BTC for shareholders through successful business operations.

As of today, that measure of optimism has declined by exactly two-thirds.

Saylor’s company now holds 843,775 BTC at an average cost of $75,476, uncomfortably higher than the current market below $65,000.

For most of the past two years, its shares commanded a premium to that pile. As that original premium flipped to a discount, the company redefined the term mNAV twice in an attempt to keep it above 1x.

Its latest iteration is holding on by a thread. It read 1.03x yesterday.

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