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Michael Saylor 嘅 Bitcoin 提款機終於壞咗？Strategy (MSTR) 跌破資產淨值，飛輪效應全面逆轉

Strategy (MSTR) 嘅市值同 Bitcoin 持倉價值嘅比率（mNAV）喺 Bitcoin 跌穿 6 萬美元之後，歷史性跌到低過 1.0，意味住間公司嘅市場價值仲低過佢揸住嘅 Bitcoin。呢個「Bitcoin 飛輪」模型正式失效：以前發新股係「增值」股東權益，而家變成「攤薄」，股票融資嘅 Bitcoin 購買已經即時停止，公司轉做回購同加優先股息，由進攻變咗防守。

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Strategy (MSTR) mNAV chart showing ratio falling below 1.0, with Bitcoin price decline in the background — Search & fact-check with cited sources for What caused Strategy's (formerly MicroStrategy) market-to-net-asset-value ratio to drop below 1.0Strategy's market-to-net-asset-value ratio dropped below 1.0 for the first time in its history as a Bitcoin treasury firm.
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Create a landscape editorial hero image for this Studio Global article: Search & fact-check with cited sources for What caused Strategy's (formerly MicroStrategy) market-to-net-asset-value ratio to drop below 1.0. Article summary: Strategy's market-to-net-asset-value (mNAV) ratio dropped below 1.0 for the first time in its Bitcoin treasury era because a steep Bitcoin price slide — below **$60,000** — combined with MSTR's extreme leveraged-volatili. Topic tags: general, general web, user generated, news. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts w
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四年嚟，Michael Saylor 嘅 Strategy（前身 MicroStrategy）可以話係一部賺到笑嘅金融機器：以溢價發行股票或可換股債券，用啲錢買 Bitcoin，股價再升，然後重複呢個循環。呢個自強化迴圈，人稱「Bitcoin 飛輪」或者「無限錢漏洞」，令 Strategy 累積咗超過 843,000 個 Bitcoin，成為全球最大嘅企業持幣者。

但部機器終於壞咗。2026 年中，Strategy 嘅市場對資產淨值比率（mNAV）——即係股價除以每股揸住嘅 Bitcoin 價值——首次跌穿 1.0 。成間公司嘅策略就係靠維持高過呢條線嘅溢價嚟運作，而家跌落嚟，後果好嚴重。

點解 mNAV 會跌穿 1.0？

直接原因好簡單：Bitcoin 價格跌穿 60,000 美元 。MSTR 股票一直以嚟都好似個「槓桿版」Bitcoin，波幅永遠大過 underlying 資產。Bitcoin 跌，佢跌得更甘更快。

到 2026 年 6 月下旬，MSTR 股價喺收市後時段跌到 81.80 美元，推低基本 mNAV 低過 1.0 。按攤薄調整後計算，比率維持喺 0.88 至 0.98 之間。支撐咗 Strategy 咁多年嘅溢價——2024 年試過高過 2.4 倍 mNAV——就咁消失咗，因為投資者信心喺槓桿成本上升、優先股 STRC 結構受壓、以及公司自 2022 年嚟首次賣 Bitcoin 嘅消息下完全蒸發。

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