Analysis: Market’s “premium pricing” on Strategy’s business model has disappeared, BTC enters structural pressure phase

CoinFeed June 28 news, CryptoQuant analyst Axel Adler stated in a weekly analysis that FUD sentiment around Strategy continues. The company's mNAV (market net asset value ratio) fell below 1, meaning the market's "premium pricing" on Strategy's business model has disappeared, i.e., the market is no longer willing to pay a price for its stock that is higher than the value of its Bitcoin reserves. Although this does not mean the company will face immediate risk, it will significantly increase the difficulty of financing through methods such as common stock issuance and continuing to buy more Bitcoin. The core question now is whether Strategy can still meet its dividend obligations without selling Bitcoin and continue to obtain new funds.