Strategy's mNAV Below 1 – Is the Buy-the-Dip Factory Shutting Down?

So the mNAV finally cracked below 1. Strategy's whole game was using that premium to print equity, buy more BTC, rinse repeat. Now the market's saying their stack of 847k BTC isn't worth more than their pile of debt and preferreds. That's not just a number – it closes the loop on their accretion machine.

BTC up 1% today, ETH up 0.89%, but Fear & Greed at 15. Classic washout territory. I've seen this pattern before at the poker table – when the whales can't reload, the dealer starts dealing differently. Market makers love this moment. They'll shake out the weak hands on the mNAV narrative, accumulate cheap coins, then re-enter with fresh leverage.

Question is: does Strategy start selling BTC to cover their own spread? Or do they sit tight and wait for the next halving cycle to reflate the premium? Either way, the music's changing. Keep your eye on their