Strategy will now issue MSTR below 2.5x mNAV if it deems the issuance to be “advantageous to the company,” per the updated guidance.

Bitcoin price dropped below $115,000 as Metaplanet acquired 775 BTC for $93 million at $120,006 per coin, bringing its holdings to 18,888 BTC, while Strategy purchased 430 BTC for $51.4 million, ...

Strategy (MSTR) bought 430 bitcoins (BTC-USD) for a total price of $51.4M and sold preferred stock for net proceeds of $50.4M during Aug. 11-17, 2025 the bitcoin treasury and business software ...

The company also updated previous guidance to now allow the issuance of fresh shares even when the stock trades below 2.5x mNAV.

Strategy updated its ATM equity guidance, allowing issuance of common stock below 2.5x mNAV when deemed advantageous. Strategy (MSTR) — the original and leading bitcoin treasury company ...

The chart below illustrates this mNAV compression, highlighting Metaplanet’s higher mNAV from tax, regulatory, and financial advantages, and how valuations have shifted since June.

Disclaimer: The analyst who wrote this article owns shares in Strategy. Bitcoin’s risk-adjusted performance continues to stand out, with a Sharpe ratio of 2.15, the highest among major assets. This ...

Chanos's main point is based on a single number: market net asset value, or mNAV. This represents the value of the company's Bitcoin holdings per share, minus its debts and preferred equity ...

What Happened: Strategy's premium over its Bitcoin holdings has dropped sharply, with its basic net asset value (NAV) premium now at 1.4 and its self-reported mNAV at 1.61 — both at their lowest ...

Bitcoin’s risk-adjusted performance continues to stand out, with a Sharpe ratio of 2.15, the highest among major assets. This means that, relative to its volatility, bitcoin has delivered ...