Strategy's (MSTR) enterprise multiple to net asset value (mNAV) has officially fallen below 1. It's an unfamiliar position for the Michael Saylor-led company, as investors had valued the firm for years at well above its bitcoin holdings, giving Strategy massive flexibility to raise capital as needed — a situation that Saylor and team took full advantage of.But with the stock having declined to around $82, approximately 85% below its November 2024 all-time high, enterprise value has fallen to about $50.4 billion. Bitcoin holdings, meanwhile, are worth around $51.1 billion at the current $60,000 price. The market is now valuing the entire enterprise at less than the value of the bitcoin it owns. At these levels, issuing new shares becomes dilutive because the company would effectively be selling equity at a price below the value of its underlying assets.Enterprise mNAV is calculated by dividing the company's enterprise value by its bitcoin reserves. Which is the market cap of all basic shares outstanding plus total debt plus total perpetual preferred stock - USD Reserve.