Strategy’s (MSTR) multiple to net asset value (mNAV), which once carried a substantial premium, has gradually eroded and now stands at 1.0. The metric divides MSTR’s share price by its net bitcoin per share, indicating whether the stock trades above or below the value of its bitcoin holdings after accounting for debt and preferred-stock claims.
The company’s 843,775 BTC are worth approximately $58.46 billion, broadly equal to its enterprise value, calculated as the market capitalisation of all basic shares outstanding, plus debt and preferred stock, less its USD reserve.
MSTR is trading at around $95, down 47% year to date.
Dogecoin fell 4.5% and ether dropped 2.5% on Friday, leading a broad but shallow retreat across the majors as the market consolidated a strong week, per CoinDesk data. XRP and Solana each slipped about 2.5%, while bitcoin held up better, down 0.6% to around $65,400.
The pullback barely dented the weekly picture. Bitcoin is still up 3% over seven days, ether 1.8%, and most majors remain green on the week, with Hyperliquid the exception at down 3.5%.
There was no single catalyst behind Friday's move, more a pause after the run-up than a reversal.
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