$1.06 is what investors now pay for every $1 of Bitcoin held by Strategy (NASDAQ: MSTR), an mNAV compressed from 3.89 in late 2024. Bitcoin (CRYPTO: BTC) posted its best monthly performance since 2025, up 24% through Aug. 28, 2026, driven by a short squeeze and U.S. Treasury buybacks of long-term securities. The rally has not restored the premium that once defined the Bitcoin treasury trade.
| Metric | Value | Period |
|---|---|---|
| Strategy mNAV (reported) | 1.06x | Current |
| Strategy mNAV (reported) | 3.89x | Late 2024 |
| BTC monthly return (reported) | +24% | Aug. 2026, through Aug. 28 |
| Strategy software revenue (reported) | $247M | H1 2026 |
The mNAV ratio is the market's running verdict on the Bitcoin treasury model. At 3.89, investors were paying a steep premium for the financial engineering layered on top of the coin. At 1.06, they are paying for Bitcoin, with a sliver of overhead. That compression arrived even as Bitcoin returned 24% in a single month, separating the coin's performance from the corporate structure built around it.
Bitcoin treasury companies are distinct from businesses that hold the coin as a balance-sheet allocation. The category refers to companies whose primary purpose is accumulating Bitcoin. Strategy and Twenty One Capital fit that definition. The distinction matters because of how risk compounds in the model.
How the flywheel runs, and where it seizes
Bitcoin treasury companies issue debt and equity to fund Bitcoin purchases. Their core claim: trading at a premium to Bitcoin holdings creates a self-reinforcing cycle. When shares fetch more than the underlying coin, a company issues new equity and converts the proceeds into more Bitcoin. At an mNAV of 2, every $1 in shares issued buys $2 of Bitcoin. In a bull market, a rising premium and a rising coin price compound. In a bear market, the premium collapses and losses run harder than the gains did.
Strategy maintains a software segment that produced $247 million in revenue across the first six months of 2026, a secondary line relative to its Bitcoin accumulation activity.
The structural weakness surfaced earlier in 2026. When Bitcoin's price fell, Strategy sold coin near the trough to replenish its cash reserves. MARA Holdings and Empery Digital also sold during the same downturn. Satsuma Technology went further: it abandoned the treasury model entirely. A business built to accumulate Bitcoin became a forced seller at the low.
At an mNAV of 1.06, Strategy trades near par with its Bitcoin holdings, down from the 3.89x multiple it carried in late 2024.