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The Wall Street Journal commented that Strategy's mNAV indicator, used to measure the company's valuation relative to its Bitcoin holdings premium, calculates enterprise value based on the face value of debt and preferred stock rather than market capitalization, which may overestimate the company's valuation. When mNAV falls below 1, Strategy's model of issuing securities at high valuations to accumulate BTC faces pressure; if the discount persists, the company may need to sell some BTC to repurchase securities or meet cash demands.