The Market Now Values Strategy Below Its Own Bitcoin Stack — How a Money Printer Became a Liability
Strategy's mNAV peaked at 3.89x in November 2024 — the market paying $3.89 for every $1 of Bitcoin it held — and has since fallen below 1. Its entire money-printer flywheel runs on a premium it doesn't control. What happens to the "never sell Bitcoin" playbook when the market stops paying up?
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