Strategy’s Nav Falls Under 1, Critics Raise Alarm After $5.7b...

Strategy moves $5.7 billion in Bitcoin as its net asset value to its Bitcoin holdings drops below one for the first time, sparking valuation concerns amid marketwide speculation.

Bitcoin’s (BTC) latest drawdown has pushed the asset to its lowest price since May 2025, and Strategy’s MSTR stock is also feeling the pressure. Stock prices slipped to $197 at pre-market for the first time since October 2024, extending its woes.

Strategy’s $5.77 billion Bitcoin move is likely a custodial relocation.

MSTR’s Net Asset Value (NAV) multiple drops below one for the first time, increasing investors’ concern about the company.

One Bitcoin analyst said forced liquidation for Strategy remains unlikely despite market stress.

Market anxiety surged on Friday after Strategy shifted 58,915 BTC ($5.77 billion) into new wallets, immediately triggering speculation on X that the company was preparing to sell part of its holdings. The noise intensified as bots and algo traders reacted aggressively to the move.

Strategy(@Strategy) moved 58,915 $BTC($5.77B) to new wallets today, likely for custody purposes.https://t.co/FgZG2ZWlVi pic.twitter.com/fimqXsgLH0

Analysts quickly pushed back against the panic, noting that the transfer appeared to be a custody restructuring, not a distribution. One crypto analyst wrote,

Despite the clarification, crypto market sentiment remained fragile as traders tried to assess whether deeper issues were emerging beneath the surface.

Related: Bitcoin, Ethereum now operate in ‘different monetary’ universes: Data

Source: CoinTelegraph