MicroStrategy's market capitalization has dropped below the value of its Bitcoin holdings as its stock price plummeted by 60% since November 2024. The company's market cap stands at approximately $63.5 billion, while its Bitcoin holdings are valued at around $65.5 billion. Despite this, the company's multiple Net Asset Value (mNAV) remains slightly above 1.0 at 1.2× when liabilities are considered. The company faces increasing financial pressure due to slowing Bitcoin purchases and significant obligations, including $700 million in annual dividend payments. Additionally, MicroStrategy is dealing with $8 billion in convertible debt due by 2028, which may necessitate raising capital or liquidating assets if the stock price does not recover.