Strategy's enterprise mNAV falls below 1 for the first time, signaling investors now value the firm's capital structure below the Bitcoin held on its balance sheet

$1.2B of annual preferred dividends against roughly $1.4B of cash is the reflexivity problem Saylor tried to securitize away. STRC trading about 25% below par turns every future raise into a cost-of-capital test, because plugging the reserve with common stock dilutes the exact premium the machine depends on. Metaplanet and Nakamoto already below 1x enterprise mNAV puts the BTC treasury trade in a harsher regime: buy-and-hold is easy, funding the hold without a premium bid is the part markets are repricing.

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