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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.

Strive told shareholders that it was choosing to hold STRC instead of idle cash, a swap that has cost shareholders millions of dollars.

Michael Saylor keeps raising cash for STRC holders who’ve watched him shift his promises, so the discount below par is persisting.

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.