Strategy's institutional net asset value closed below 1x for the first time, marking a significant turning point in the premium that has long distinguished Michael Saylor's bitcoin treasury company.

Strategy holds 847,363 bitcoin worth approximately 50.9 billion dollars, with an enterprise value of about 50.6 billion dollars, putting the company's net cash asset value at 0.99x. This metric means the market values the company's enterprise value slightly less than the bitcoin it holds.
MSTR recently traded near $82.31, while bitcoin was close to $60,037. At this bitcoin price, Strategy's bitcoin holdings are still below its stated average cost of about $75,646 per coin, putting the company's treasury underwater while its shares and preferred notes continue to reprice.
The sub-1x net asset value changes the market discussion around Saylor's strategy. For most of the bitcoin treasury cycle, investors paid a premium for Saylor's access to capital markets, his use of leverage, his issuance of preferred shares, and his bitcoin accumulation strategy. Now, the sub-1x net asset value means the market no longer grants that same premium.