Last updated on July 21st, 2026 at 10:45 am
Strategy’s market valuation has dropped below the value of its Bitcoin holdings for the first time, raising new concerns about investor confidence in the company’s long-running cryptocurrency strategy.
The company’s mNAV ratio, a measure comparing its enterprise value with the value of the Bitcoin it owns, has fallen to 0.99. That means the market now values Strategy at less than the worth of the Bitcoin on its balance sheet.
For years, Strategy was worth an order of magnitude more than its Bitcoin holdings.
Now, the figures are exactly the same: the company is valued at $50.9 billion, compared with $50.8 billion in Bitcoin.
They were selling shares at a higher price and using the difference to buy… pic.twitter.com/h0fgoYYeRU
— Haezl (@Haezl_Crypto) June 29, 2026
The development comes weeks after Strategy reported its first Bitcoin sale since 2022. The company also posted a larger first-quarter loss as falling Bitcoin prices reduced the value of its digital asset holdings. Strategy currently owns 847,363 Bitcoin, valued at about $50.4 billion based on Bitcoin’s recent closing price.
Shares continue to lose ground
Strategy’s market value has fallen sharply over the past year as Bitcoin prices remain under pressure. The company’s market capitalisation stood at about $29.5 billion at the last close, less than half of its 2024 peak of more than $71 billion. Its shares have fallen more than 45% this year.
Bitcoin has also struggled, trading near 20-month lows at around $59,900 after losing roughly half its value from its record high of more than $126,000 reached in October last year.
The decline has weighed heavily on companies whose balance sheets depend largely on Bitcoin’s price.
Does this change how investors view Bitcoin treasury companies?
For years, investors valued Strategy above the price of the Bitcoin it held because they believed the company could continue increasing its holdings and benefit if prices recovered. A premium above its Bitcoin reserves suggested confidence in that business model, but that confidence has weakened.
Strategy’s recent Bitcoin sale, continued ETF outflows, and slower institutional demand have made investors more cautious about companies built around large cryptocurrency holdings.
The change could also affect newer firms that have copied Strategy’s Bitcoin treasury approach. Several listed companies have added Bitcoin to their balance sheets over the past two years, hoping to attract investors looking for crypto exposure without directly buying digital assets.
If Bitcoin prices remain weak, investors may place greater value on a company’s underlying business rather than the size of its cryptocurrency reserves. That would make it harder for Bitcoin treasury firms to command the premium valuations they enjoyed during stronger market conditions.
Meanwhile, Strategy’s relentless Bitcoin accumulation strategy is once again under the spotlight after a Fortune analysis highlighted the growing financial commitments tied to the company’s aggressive expansion.
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