Michael Saylor’s Strategy Nears “Danger Zone” as mNAV Threatens to Slip Below 1

Strategy has seen its mNAV hover around 1.0, as the stock has slid 66% from July, leaving investors weighing if direct Bitcoin offers cheaper exposure. The firm holds 672,497 BTC and has raised $747.8M via ATM sales, saying cash covers about 21 months of payouts. Bitcoin has traded near $90K lately.

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