The stock price has evaporated by more than 80% from its highest point, causing Strategy (MSTR.US) to fall below its holding value. The financing model is facing a test.

According to the Wise Finance APP, as the stock price of Strategy (MSTR.US) continues to plummet, the company's market value has been lower than the value of its Bitcoin holdings for over seven months. The mNAV (the ratio of enterprise value to Bitcoin holding value), which has been viewed as a core valuation indicator by the market, has now fallen below 1, indicating that the business model of supporting continued financing to buy Bitcoin is facing severe challenges.