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Strategy’s mNAV falls to 19-month low as BTC outperforms

Strategy common shares have fallen to a 19-month low multiple-to-Net Asset Value. The basic mNAV of MSTR is now just 1.21x.

Strategy hasn’t sold any STRC through ATM since July

Michael Saylor has been particularly optimistic about expanding STRC domestically and abroad, yet his STRC ATM sales to date are $0.

Speaking about STRC, Saylor said, “Everybody in the world would love to have a high yield bank account that yielded 10%.”

Since Strategy removed a ban on ATM share sales between 1-2.5x mNAV six weeks ago, MSTR dilution has paid for 94% of its BTC purchases.

Despite persistent purchases and tens of billions of dollars worth of institutional ownership, MSTR is nowhere close to an all-time high.