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Strategy has lost two-thirds of its mNAV in two years

Strategy’s basic mNAV stood at 2.04x two years ago. On Wednesday it read 0.68x, a decline of exactly two-thirds.

Michael Saylor has sold $14 billion MSTR under 2.5x mNAV

Michael Saylor’s 2.5x mNAV anti-dilution pledge lasted less than three weeks. Strategy has sold $14.3B of MSTR below that mNAV since.

The effective yield of STRC is 14% with a 28% total return on offer, yet it still cannot hold the $100 par value that Strategy intends.

After predicting a rally that didn’t arrive, Michael Saylor waited for a 52% drawdown and sold at a loss to Strategy’s BTC cost basis.

With the price of BTC and Strategy crashing, Michael Saylor grew frustrated with another reporter’s questions, ending the interview cold.