Michael Saylor’s Strategy stock has seen a sharp drop in the multiple investors pay over its Bitcoin holdings, sliding from twice the net asset value (NAV) two years ago to just 0.68 times today. Back in mid-2024, the market valued each dollar of BTC owned by the company at double that price in shares. Fast forward to July 2026, and that optimism has evaporated, leaving the stock trading at a significant discount to its Bitcoin stash.
Strategy currently holds 843,775 BTC, bought at an average price of $75,476, which is notably higher than the prevailing Bitcoin price below $65,000. Despite this, for much of the last two years, shares consistently commanded a premium over the underlying Bitcoin value. That premium disappeared as investors became wary, prompting the company to adjust how it calculates the multiple to net asset value (mNAV) twice in an effort to keep it above 1x.
The original calculation is straightforward: divide the company’s market cap by the dollar value of its Bitcoin holdings. When this ratio falls below 1x, it means the stock is cheaper than the Bitcoin it owns. As of now, BitcoinTreasuries.net puts the basic mNAV at 0.64x. To prop up the figure, Strategy introduced enterprise value mNAV, which factors in debt and preferred stock along with market cap, artificially inflating the number above 1x until it finally dipped below that threshold in late June 2026. A newer version, launched in July, tweaks the math further by subtracting liabilities from combined BTC and cash reserves, yielding a net reserve figure of $35.5 billion.
Even with these adjustments, investor sentiment remains cautious. The company’s significant Bitcoin holdings and their high purchase price relative to current market levels weigh heavily on the stock’s valuation. This shift reflects broader uncertainty about Strategy's ability to grow its Bitcoin reserves profitably, especially after a period of optimism in 2024.
This material is for informational purposes only and does not constitute financial advice.
