Strategy’s ($MSTR) once-reliable premium to its Bitcoin (BTC) holdings has flipped into a rare discount, highlighting how quickly market sentiment can change for corporate crypto treasuries even as institutional ETF accumulation and on-chain trading activity remain active. According to data cited by Odaily, Strategy’s ‘mNAV’—the market value-to-net asset value multiple that compares the company’s equity value to the value of its Bitcoin reserves—fell below 1 for the first time.
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