The common stock (MSTR) price of MicroStrategy fell to $81.8 in over-the-counter trading, causing the company's mNAV, an indicator comparing its total market value to its BTC value, to drop below 1. This signifies that MicroStrategy's corporate value, as assessed by investors, is lower than the value of the BTC it holds. Similarly, Metaplanet and Nakamoto, which are strategically acquiring BTC like MicroStrategy, also show mNAV levels below 1, specifically at 0.9 and 0.92. Theoretically, MicroStrategy operates under a policy where if its mNAV falls below 1, it ceases BTC purchases via stock issuance, repurchases its own shares with available cash, and increases the dividend rate for its preferred stock, STRC.
