MicroStrategy's multiple-to-net asset value (mNAV) per share has dropped to a 19-month low of 1.21x as of October 7, according to Protos. This decline marks the lowest level since February 2024, with the company's market capitalization of $94 billion significantly exceeding its $78 billion in Bitcoin holdings. Despite holding 640,031 BTC at an average cost of $73,983, MicroStrategy's Bitcoin yield has decreased by 26% year-to-date, compared to a 74% yield in 2024. The drop in mNAV reflects a shift in investor sentiment, as Bitcoin has outperformed MicroStrategy by 18.7% year-to-date. The company continues to raise capital through its common equity ATM, with 90% of securities sold in the past week originating from this source.