Crypto

Strategy's enterprise mNAV has fallen below 1.0 for the first time, meaning the market values the company at less than its 847,363 Bitcoin holdings worth roughly $50.7 billion. With dividend obligations swelling to $1.2 billion annually and the equity issuance flywheel that fueled Michael Saylor's Bitcoin accumulation now running in reverse, the corporate treasury model faces its most serious test since inception. The rise of spot Bitcoin ETFs from BlackRock and others has given institutions che