MicroStrategy shares hovered near $160 after rising from a monthly low of $157 but face further downside after enterprise-value net asset value (mNAV) fell to 0.988 (enterprise value $59B vs $59.7B in Bitcoin holdings). Market-cap NAV dropped to 0.763, removing prior premium. Ongoing Bitcoin weakness and large at-the-market (ATM) dilution (over $11.8B remaining) pushed shares outstanding above 267M (from 93.2M in 2022). Technicals show a death cross, bearish pennant, price below key support at $230 and the 61.8% Fibonacci level, with sellers targeting $100 and a confirmed break below the 78.6% Fib at $126; Bitcoin could fall to ~ $80,000.

Enterprise mNAV turned negative (mNAV 0.988) as enterprise value fell to $59B versus $59.7B in Bitcoin holdings; market-cap NAV dropped to 0.763; >$11.8B of ATM capacity remains and outstanding shares rose above 267M from 93.2M in 2022; technicals show a death cross, bearish pennant, price below $230 and 61.8% Fib with downside targets at $126 and $100; Bitcoin downside to ~$80,000 is noted.