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Strategy’s bitcoin premium vanishes as mNAV crashes to 1x

The colloquial metric of investor confidence in Strategy, its multiple-to-Net Asset Value or mNAV, has fallen to 1x its BTC holdings.

CHART: Two years of Strategy investment narratives

Over the past two years, the dominant narratives that investors tell about BTC company Strategy have changed over a dozen times.

The BTC Yield of MSTR stock in Michael Saylor’s treasury company, Strategy, has turned negative this quarter for the first time in years.

Both Strategy and TRON Inc. have underperformed BTC and shed value since TRON Inc.’s reverse merger was announced.

As Strategy’s stock price continues to slide, online sleuths noticed that the company spent $27M on a “deposit” for a new corporate jet.