Strategy is now worth less than the Bitcoin it owns — at least according to one key metric. The company’s market-to-net-asset value, also known as mNav, dropped to 0.879 this week, according to BitcoinTreasuries.net. This metric tells investors how much equity value they’re paying for every $1 of crypto the company holds. In Strategy’s case, investors are spending roughly 80 cents for every$1 of Bitcoin the company holds, which raises a very uncomfortable question. If the stock trades at a discount to ...