CryptoQuant Analyst Says Strategy’s mNAV Falls Below 1 as FUD Persists

CryptoQuant analyst Axel Adler said in a weekly analysis that FUD sentiment around Strategy continues and that the company’s mNAV (market net asset value ratio) has fallen below 1. According to PANews, Adler said this indicates the market’s “premium pricing” of Strategy’s business model has disappeared, meaning investors are no longer willing to pay more for its shares than the value of its Bitcoin reserves. He added that while this does not mean the company will immediately face risk, it would significantly increase the difficulty of raising funds—such as through common stock issuance—and continuing to increase its Bitcoin holdings. Adler said the key issue is whether Strategy can still meet dividend obligations without selling Bitcoin and continue to secure new funding.