MicroStrategy's (MSTR) share price has fallen below its net asset value (NAV) for the first time since 2024, reflecting investor concerns over potential equity dilution and operational leverage. The company's market capitalization is currently $62.6 billion, representing a 2.6% discount to its $64.3 billion in liquid Bitcoin holdings. This development comes as MicroStrategy continues to accumulate Bitcoin, despite rising apprehensions about leverage and structural issues.