Michael Saylor’s Bitcoin-focused company Strategy is once again edging toward a key valuation threshold, as its market-to-net-asset-value multiple, or mNAV, hovers just above levels that could undermine the logic of holding its stock as a proxy for Bitcoin exposure. In early trading on January 2, Strategy shares rose modestly, offering brief relief after months of pressure. Even with the bounce, the stock remains down roughly 66% from its July peak. The company’s mNAV, a measure comparing its market va ...