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Analyst: The market's "premium pricing" of the Strategy business model has disappeared.

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Golden Finance reported that CryptoQuant analyst Axel Adler said in his weekly analysis that the FUD sentiment surrounding Strategy continues. The company's mNAV (market net asset value ratio) has fallen below 1, meaning the market's "premium pricing" for Strategy's business model has disappeared. In other words, the market is no longer willing to pay a price for its stock that exceeds the value of its Bitcoin reserves. Although this does not mean the company is immediately at risk, it significantly increases the difficulty of financing through common stock issuance and continuing to accumulate Bitcoin. The current core issue is whether Strategy can still meet its dividend obligations without selling Bitcoin and continue to obtain new funding.
Axel Adler added that the Bitcoin market is entering a "structural stress phase," characterized by localized capitulation of short-term holders, deteriorating liquidity, negative net new capital inflows, and increasing pressure on key valuation and support levels. He suggests focusing on Bitcoin's "Realized Price Bands" to determine whether the market is in a state of overheating, fair value, or structural stress.
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