Will Capital Markets Continue Funding MicroStrategy’s Bitcoin Experiment Without a Premium Cushion?

MicroStrategy (now Strategy) is in its most consequential phase since adopting Bitcoin as its primary treasury asset. The company’s mNAV (microstrategic net asset value) premium has fallen to 1. 04x, effectively erasing the valuation buffer that once powered its dramatic outperformance versus Bitcoin itself. The shift marks a regime change, with Strategy’s future no longer hinging primarily on Bitcoin’s price trajectory, but on whether capital markets are still willing to fund its increasingly complex Bitcoin-native financial structure source: https://beincrypto.com/strategy-mnav-collapse-bitcoin-leverage-2026/