Strategy loses its bitcoin premium as enterprise mNAV dips below 1

> Article except. Throughout much of 2026, Strategy has relied heavily on the issuance of perpetual preferred shares like STRC to raise billions of dollars to fund the majority of its bitcoin purchases. But that doesn't come without cost. Those securities carry roughly $1.2 billion in annual dividend obligations, while the company's cash reserves have dipped to around $1.4 billion, according to CryptoQuant. This has created a negative feedback loop that has put pressure on STRC, which itself

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