🚨 STRATEGY'S mNAV FALLS BELOW 1 FOR THE FIRST TIME EVER Michael Saylor's Strategy is now worth less than the Bitcoin it holds. After once being traded 3.5x premium to its BTC holdings, the company's mNAV has fallen below 1.0 for the first time, effectively breaking the capital-raising flywheel that powered its aggressive Bitcoin accumulation. Management has previously said issuing new shares below roughly 1.22x mNAV becomes value-destructive, meaning Strategy's equity-funded Bitcoin buying machine may now be forced to slow until its valuation premium returns(Coin Bureau)