Last Updated: Feb. 5, 2026 at 3:02 p.m. ET
First Published: Feb. 5, 2026 at 12:05 p.m. ET
Shares of Strategy sank to near a two-year low on Thursday, as the sharp selloff in bitcoin, which the company has been accumulating for nearly six years, has put the value of its cryptocurrency holdings in the red.
The combination of the declines in both the stock MSTR and bitcoin BTCUSD has also put a key value metric — multiple to net asset value, or mNAV — below 1, which CEO Phong Le said late last year he hoped wouldn’t happen, because it could possibly force the company to sell some of its holdings.
