Michael Saylor says Strategy can endure an 80–90% Bitcoin crash, even as its mNAV falls under 1. | Credit: Joe Raedle via Getty Images. Key Takeaways Strategy’s mNAV has fallen below 1, a level analysts warn is unsustainable for Bitcoin treasury companies. Despite the downturn, Michael Saylor insists the firm could withstand an 80%-90% Bitcoin crash. Market experts argue that, regardless of optimism, no company can operate for long with mNAV under 1. Bitcoin’s (BTC) fall below $90,000 this week ha ...