Strategy briefly lost the premium that investors assigned to its bitcoin holdings on Friday, with its enterprise mNAV slipping below parity.
The metric compares the company’s overall market value with the value of its BTC.
What enterprise mNAV means
Unlike the traditional mNAV that some crypto treasury companies use, which compares equity market caps with digital asset holdings, Strategy now uses enterprise mNAV.
This version factors in debt, cash, and preferred stock.
In Strategy’s case, a reading below 1 means investors value the company’s overall capital structure at less than the value of the bitcoin in its treasury.
The shift came as Strategy’s common shares fell to a recent low of $82.16 on Friday, before slipping to around $81.80 in after-hours trading.
Bitcoin, meanwhile, was trying to find its footing around $59,560 after dropping to $58,000 on Thursday.
Preferred share pressure
Throughout much of 2026, Strategy has leaned heavily on issuing perpetual preferred shares like STRC to raise billions for its bitcoin purchases.
Those securities carry roughly $1.2 billion in annual dividend obligations, while the company’s cash reserves have dipped to around $1.4 billion, according to CryptoQuant.
That dynamic created a negative feedback loop weighing on STRC, which hit a fresh low of around $71.40 on Friday before recovering to close at $74.72, nearly 26% below its $100 par value.
Copycats struggle too
Nearly every other bitcoin treasury copycat is facing the same issue.
Japan’s Metaplanet trades at an enterprise mNAV near 0.9, while David Bailey-backed Nakamoto sits around 0.92.
Strive, which uses a similar preferred share strategy through its SATA stock, remains above parity at about 1.24.
