Strategy's Bitcoin Premium Vanishes While Strive Keeps Buying

Strategy’s market value fell below the value of its own Bitcoin this week, for the first time ever. Strive’s did not, and Strive went out and bought more Bitcoin anyway, outpacing Strategy’s own purchase in the same seven days. Same business model. Same falling asset. Opposite week.

Strategy’s Enterprise mNAV Fell Below 1 for the First Time in Its History

Strategy’s (Nasdaq: MSTR) enterprise mNAV, the ratio of a company’s total enterprise value, including debt, preferred stock, and cash reserves, to the value of the Bitcoin it holds, used as the core valuation gauge for corporate Bitcoin treasury companies, dipped to 0.99 this week, the first time it has fallen below 1 in the company’s history, according to analyst Axel Adler Jr. A reading below 1 means the market no longer pays a premium for Strategy’s shares over the Bitcoin sitting on its balance sheet, the exact premium the company has spent four years using to issue new shares and buy more Bitcoin.

MSTR common shares fell to a recent low of $82.16 before slipping further after hours. By June 25, the stock had dropped 8.55% to $95.55 in a single session while Bitcoin fell a smaller percentage to around $60,714, the kind of amplified move that happens when a leveraged treasury stock trades like Bitcoin with the volume turned up. Strategy’s STRC perpetual preferred stock fell to a record low of $71.40 before closing at $74.72, about 26% below its $100 par value.

The balance sheet math is specific. Strategy holds 847,363 BTC worth roughly $50.7 billion but only $1.4 billion in cash against $1.71 billion in annual preferred dividend obligations, about 9.8 months of coverage unless the company sells Bitcoin it has pledged to hold. CEO Phong Le said in December the company would consider selling Bitcoin if the ratio fell below 1 and other capital sources ran dry. Grayscale’s Zach Pandl said he expects a roughly 50 basis point increase to the STRC dividend rate, adding about $100 million in liabilities over two years, but said he would prefer the company sell at least $3 billion in Bitcoin to meet its cash needs. The Rosen Law Firm has an active securities probe into the company.

Strive’s mNAV Stayed Above 1 and the Company Bought 759 BTC Anyway

Strive, Inc. (Nasdaq: ASST) held an enterprise mNAV of about 1.24 this week, the only major Bitcoin treasury company still trading above parity, against Metaplanet’s 0.9 and Nakamoto’s 0.92. In the same week Strategy’s premium disappeared, Strive disclosed in a Form 8-K filed June 22 that it purchased 759 BTC between June 15 and June 21 at an average price of $65,850 per coin, roughly $50 million in total, bringing its total holdings to 19,864 BTC. That purchase outpaced Strategy’s own 520 BTC buy for the same week, a rare instance of the smaller company out-accumulating the largest corporate Bitcoin holder in the world.

Strive funds its purchases through SATA, a perpetual preferred stock paying a 13% dividend that lets the company buy Bitcoin without issuing new common shares, an explicitly non-dilutive alternative to the convertible-note-heavy model Strategy pioneered. The per-coin price was about 11% cheaper than the $74,092 average Strive paid for a larger May purchase, which is simply Bitcoin’s volatility working in the buyer’s favor on a down week. Strive’s cash position still rose, from $141.4 million to $144.5 million, funded through its at-the-market equity program.

Strive is concentrated in a single volatile asset just like Strategy is. A higher mNAV this week does not make that risk disappear, it just means the market has not yet priced Strive’s capital structure the way it has Strategy’s.

Strategy STRC Dividend Decision, Strive Treasury Pace, and the Sub-1 mNAV Sector Trend

Strategy STRC dividend rate: watch for any formal announcement of a dividend increase on the preferred stock, which Grayscale’s Pandl has estimated at roughly 50 basis points, and for any disclosure of Bitcoin sales to cover near-term cash obligations.

Strive’s next weekly purchase disclosure: watch whether Strive maintains its accumulation pace and whether its mNAV holds above 1 if Bitcoin continues to fall.

Sector-wide mNAV: Metaplanet and Nakamoto are both already below 1 alongside Strategy. Watch whether more Bitcoin treasury companies in the group fall below parity as Bitcoin’s price moves, which would be the clearest sign this is a sector-wide stress event rather than a Strategy-specific one.

Sources

Editorial Disclosure

This analysis is based entirely on publicly available information including SEC filings, named wire services, and verified market data. Securities and digital assets discussed include Strategy Inc. (Nasdaq: MSTR, and its preferred stock STRC), Strive, Inc. (Nasdaq: ASST, and its preferred stock SATA), and Bitcoin (BTC). Metaplanet and Nakamoto are referenced for sector comparison context only. aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security or digital asset mentioned at the time of publication. The enterprise mNAV figures cited for Strategy, Strive, Metaplanet, and Nakamoto are sourced to named analysts and named published reports using each company’s own disclosed methodology; mNAV calculation methods can vary between firms and are not standardized across the industry. Strategy’s cash reserve and dividend coverage figures are sourced to named analyst calculations based on the company’s June 22, 2026 SEC filing and are estimates, not company guidance. The Rosen Law Firm securities probe referenced is an active investigation and does not constitute a finding of wrongdoing. Grayscale’s commentary represents that firm’s own analyst opinion and is not aktiego.com’s view. Both MSTR and ASST are leveraged, concentrated exposures to a single volatile digital asset and carry significant investment risk including total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.

Strategy’s Bitcoin Premium Vanishes While Strive Keeps Buying

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