The *Wall Street Journal* commented that Strategy's mNAV metric, used to measure a company's valuation premium relative to its Bitcoin holdings, calculates enterprise value based on the face value of debt and preferred stock rather than market value, which may overstate the company's valuation. When mNAV falls below 1, Strategy's model of issuing high-valuation securities to accumulate BTC faces pressure; if the discount persists, the company may need to sell some BTC to repurchase securities or meet cash demands. https://(wublock123.com)/news/wsj-strategy-created-mnav-metric-may-overstate-valuation-btc-accumulation-pressure-64094