MSTR is trading 4.4% down at $93.07 in pre-market action, sliding alongside weakness in major cryptocurrencies like Bitcoin and Ethereum.
- MicroStrategy is facing fresh scrutiny over its custom mNAV Bitcoin valuation metric, which critics argue inflates the value of its BTC holdings versus standard market-based accounting.
- The controversy adds downward pressure to the already volatile, crypto-leveraged stock as investors weigh valuation transparency against underlying asset performance.