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Strategy slips below Bitcoin holdings value as STRC hits record low

Strategy slips below Bitcoin holdings value as STRC hits record low

CoinDesk said Strategy’s mNAV fell below 1 as the stock traded near $82, while STRC dropped below $72 and roughly 25% below its $100 par value amid scrutiny of its Bitcoin funding model.

BTC

Fact Check
All specific figures in the claim are corroborated by multiple sources. The Block's verified post directly confirms STRC fell under $72 shortly after the June 26 market open at a new all-time low, down 15% over five trading sessions. PANews confirms the 3.54% premarket decline to $73.01 and the prior 26% discount to par. CoinDesk and Odaily independently confirm STRC trading around $73 at a ~27% discount to $100 par the same day, consistent with record-low territory. Numerous corroborating real-time market observations on X also place STRC around $72 on June 26.
Summary

Strategy’s enterprise value fell to about $50.4 billion, below the roughly $51.1 billion value of its Bitcoin holdings, pushing its mNAV below 1 for the first time, according to CoinDesk. At the same time, its STRC perpetual preferred stock slid below $72 after the U.S. open on June 26, setting a record low after trading at $73.01 in premarket and leaving it about 25% to 26% below its $100 par value. Strategy’s common stock was cited around $82, about 85% below its November 2024 peak and near its lowest level since February 2024. The moves intensified debate over the company’s preferred-stock- and debt-like-funded Bitcoin buying, with Ripple CEO Brad Garlinghouse criticizing the approach as financial engineering rather than long-term value creation. Earlier coverage also cited CryptoQuant as estimating Strategy’s cash buffer could shrink to 14 months, though analyst Mark Palmer said the system had not collapsed.

Terms & Concepts
  • mNAV: Multiple of net asset value, used to compare a company’s market valuation with the value of its underlying assets.
  • perpetual preferred stock: Preferred shares that do not have a fixed maturity date.
  • closed-end fund: Investment vehicle with a fixed share count that can trade at or below the value of its assets.