Strategy's Enterprise Value Below Bitcoin Holdings, $13 B Losses

Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, now reports its enterprise value at roughly $29 billion, less than the $50‑$51 billion value of its 847,363‑BTC treasury. This makes the company’s mNAV (enterprise value ÷ Bitcoin value) fall to 0.99 – the first time the market values Strategy below the Bitcoin it owns. With Bitcoin trading around $60,000, the firm’s unrealised paper loss tops $13 billion, pushing its market cap about 45 % below its 2024 peak.

CEO Michael Saylor has again posted a “We’ll need more charts” teaser, a pattern that historically precedes a new Bitcoin purchase, while analysts at Grayscale and CryptoQuant argue the firm should sell at least $3 billion of Bitcoin to meet dividend and cash‑flow obligations. Preferred shares (STRC) are trading well under their $100 par value, and MSTR shares have slipped to the $80‑$85 range, down about 85 % from their November 2024 high. Critics including Peter Schiff warn that a failure to address the financing strain could harm Bitcoin’s broader market confidence.