Strategy's Bitcoin Premium Machine Goes Into Reverse

Strategy (formerly MicroStrategy) built one of the cleverer machines in public markets: its stock traded well above the bitcoin it held, so it could issue shares, buy more bitcoin, and grow bitcoin-per-share. The premium was the whole engine.

In June 2026, the engine went into reverse.

The mNAV flip

The mNAV premium fell from a 2–3x peak through parity. Enterprise mNAV closed at 0.99 on June 28, the first sub-1.0 reading in the company’s history, according to 24/7 Wall St. Below 1.0, issuing stock dilutes holders instead of helping them.

The behavior followed the math. Strategy made its first-ever bitcoin sale, and on June 29 it pivoted to buybacks and a bitcoin monetization program under a new Digital Credit Capital Framework.

What this doesn’t show: mNAV readings vary by tracker, anywhere from roughly 0.66x to just under parity depending on whether you use a basic or enterprise basis and which date and share count you pick. On an enterprise basis, the discount is far smaller than the headlines suggest. The direction, though, is not in dispute.