Bitcoin’s stalled price near $80,000 has pushed Strategy Inc.’s market-value-to-net-asset-value multiple, or mNAV, down to about 0.74 times, erasing much of the premium that supported its bitcoin financing strategy, according to the new update. Strategy holds 840,447 Bitcoin and faces about $1.5 billion in annual dividends on its STRK and STRC preferred shares. Its enterprise-value-to-net-asset-value multiple had been about 1.01 times, while base and diluted mNAV stood at about 0.73 times and 0.74 times, respectively, on Aug. 27. Arthur Hayes said Michael Saylor could respond by issuing new shares, selling Bitcoin directly or reducing preferred-share dividends. STRK carries an 8% dividend rate, while STRC’s rate ranges from 10% to 11.5%.