MSTR premium has completely returned to zero, Saylor's BTC arbitrage machine has finally stalled.

Wu learned that as of the close of the U.S. stock market on June 26, Strategy’s common stock MSTR closed at $82.31, down 3.54%; its variable-rate perpetual preferred stock STRC closed at $74.57, down 1.48%, representing a discount of approximately 25% relative to the $100 per-share liquidation preference. At the same time, Strategy’s official website shows that the company’s official mNAV has fallen to 0.99, meaning the market is valuing Strategy’s enterprise value below the market value of its Bitcoin reserves.

This level is also significantly lower than the approximately 1.22x critical threshold previously disclosed by management—that is, the minimum mNAV level at which “issuing MSTR to purchase BTC can enhance BTC per share.” According to management’s previous statements, when below this level, the accretion effect from continuing to issue common stock to purchase BTC will be clearly significant.