For the first time, Michael Saylor’s company, Strategy, has seen its enterprise mNAV ratio dip below 1, sparking a debate on its market valuation. This shift indicates the market values the firm less than its bitcoin reserves, triggering uncertainty about the company’s future. The share price of Strategy has plunged dramatically to about $82, spiraling nearly 85% lower than its peak last November. Consequently, the company’s enterprise value has slid to $50.4 billion, below the approximate $51.1 billion worth of its bitcoin assets. This peculiar situation results in the market valuing Strategy at less than the worth of its bitcoin holdings.