Duck9 Blog

Below 1.0 mNAV

by Larry Chiang on November 14, 2025

MicroStrategy’s market capitalization of $64.5 billion has dipped below its Bitcoin net asset value of $66 billion, yielding an mNAV below 1.0 and presenting a rare discount on its BTC holdings amid a 60% stock drop from its all-time high.

The valuation gap reflects market concerns over $8 billion in debt and $6.7 billion in preferred shares, which some analysts argue should offset the BTC assets, though proponents view it as fear overriding fundamentals.

Michael Saylor recently addressed short-sellers, emphasizing long-term Bitcoin strategy, as the firm settles a new $500 million preferred stock issuance today at a 12.5% yield to fund further BTC acquisitions.

Strategy’s market cap is now officially below their total Bitcoin net asset value (< 1.0 mNAV). The market is giving you a discount on Strategy’s Bitcoin.

The ₿itcoin Therapist

⁦‪@TheBTCTherapist‬⁩

JUST IN: Strategy’s market cap is now officially below their total Bitcoin net asset value (< 1.0 mNAV). The market is giving you a discount on Strategy’s Bitcoin.

What do you think this means? 🤔 pic.x.com/IBsSsEAcVH

11/13/25, 6:24 AM

Chapter 1 to Chapter 14’s an “Easter Egg” at #ch1 to #ch14. Including #ch2 which’s chapter 2 at my house in Napa California

http://www.youtube.com/watch?v=ejeIz4EhoJ0

On 09-09-39, “What They Will NEVER Teach You at Stanford Business School” debuts at 300 w 44th St at New York Fashion Week’s front row
http://www.youtube.com/watch?v=QXIaNZi3mHQ

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net/larrychiang/what-a-super-model-can-teach-a-harvard-mba-about-credit

American Express hosts me mentoring you about FICO scores at New York Fashion Week
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My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve
http://www.youtube.com/watch?v=eudADPfTWiE
***********

Steve Jobs Texted me on 650-283-8008 in the same way that Mr Jobs called Bill Hewlett https://x.com/superSaiyanSkai/status/1941392367304761636/video/1

Larry Chiang

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Founding Stanford EIR

@duck9 alum, Deeply Understood Capital Credit Chinese Knowledge 9

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Read my last 10 X posts at www.X.com/LarryChiang

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com/blog/?s=Ny+times+bestseller

www.fastcompany.com/embed/c0d4562ea2049

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http://www.youtube.com/watch?v=vDBY0GkI3-g

Emergency swings and cutting deals as an 9 year old
http://www.youtube.com/watch?v=OFGY7v9C4G0

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http://www.youtube.com/watch?v=usu0luYy9pw

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