Will Capital Markets Continue Funding MicroStrategy’s Bitcoin Experiment Without a Premium Cushion?

Strategy's mNAV premium falls, $17.4B loss, and yield focus test its Bitcoin leverage in 2026. Photo by BeInCrypto MicroStrategy (now Strategy) is in its most consequential phase since adopting Bitcoin as its primary treasury asset. The company’s mNAV (microstrategic net asset value) premium has fallen to 1.04x, effectively erasing the valuation buffer that once powered its dramatic outperformance versus Bitcoin itself. The shift marks a regime change, with Strategy’s future no longer hinging primarily o ...