Woofun AI data shows that Strategy (MSTR) has seen its modified net asset value fall below 1, meaning the company's market capitalization of approximately $50.4 billion is now lower than the value of its Bitcoin holdings, estimated at $51.1 billion. This valuation shift follows an 85% decline in stock price from its November 2024 peak, with shares trading around $82 while Bitcoin hovers near $60,000.

At this level, issuing new equity would be dilutive as shares trade below the underlying asset value, potentially inviting further criticism given previous shareholder opposition to dilutive purchases. While the market perceives Strategy increasingly like a closed-end fund trading at a discount, the company retains tools such as debt issuance, securities refinancing, and operational cash flow generation to manage its capital structure.