MicroStrategy Cap Dips Below Bitcoin as mNAV Fall

MicroStrategy share price don fall almost 60% since e reach im peak for November 2024, e no perform well pass Bitcoin and e push im market cap go down to $63.5 billion—wey dey less than di $65.5 billion value of im 641,692 BTC treasury. After dem add $8.25 billion convertible notes and $6.75 billion preferred shares, im multiple net asset value (mNAV) dey around 1.2×, wey don drop from before. Di increase for dividend matter and slowdown for Bitcoin buys—only 12,746 BTC dem add since August against 400,000 for di year before—don cause fresh share dilution and make financing risks high. Convertible debt wey go mature for 2028 dey add to leverage worries if stock remain low, fit force dem to sell assets or get more debt. Short-term risks include more dilution, debt wey go mature soon and limited Bitcoin financing. For long-term, if dem no fit keep better price pass im BTC holdings, e fit spoil MicroStrategy treasury-based growth model. Crypto traders suppose watch these structural wahala and how e go affect Bitcoin market moves.