Strategy's valuation has fallen below the value of its bitcoin holdings for the first time, a milestone that weakened ​investor confidence in the Michael Saylor-founded company's long-running cryptocurrency bet. Investor focus has been on the company's "mNAV" ​metric, which is ​its enterprise value relative to its bitcoin holdings, ever since CEO Phong Le's remarks late last year that the company may consider selling bitcoins if ⁠the ratio drops below 1. Strategy reported its first bitcoin sale since 2022 in a filing earlier this month, marking a notable shift for the largest corporate holder of bitcoin in the ... (full story)