Strategy (MSTR), a prominent Bitcoin treasury company, has seen its mNAV fall below 1, indicating that the market now values the company below its Bitcoin holdings. This marks a departure from its usual premium trading status. Currently, MSTR shares are priced at approximately $82, down 85% from their November 2024 peak, with a market value of $50.4 billion. In contrast, the company's Bitcoin holdings are valued at $51.1 billion, based on a Bitcoin price of $60,000, highlighting an asset discount. Historically, Strategy has benefited from a market premium, enabling it to finance Bitcoin purchases through equity issuance. However, the current discount environment could dilute existing shareholders' equity with new share issuances, potentially attracting further criticism from the community. While the market likens Strategy to a closed-end fund, which can trade at a discount during weak sentiment, the company retains diverse financial tools such as debt issuance and software business cash flows to mitigate discount pressures.