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Michael Saylor’s Strategy flirts with threshold at which company is worth less than its Bitcoin

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Stock in Michael Saylor’s Bitcoin treasury company Strategy was up 1.22% in early trading today, giving the company a brief period of relief. The stock has declined 66% since its high last July, and this morning its “mNAV”—a technical gauge of whether the company is worth more or less than the Bitcoin it holds—was at 1.02. 

If that gauge falls below 1, then technically the company is worth less than the Bitcoin it owns. At that point, the stock would be sold off by many investors because there is no point in owning a stock whose value is based on Bitcoin if the stock is worth less than the Bitcoin. 

The stock has been sitting above this danger zone since November.

Already, the market cap of the company is worth less than its Bitcoin. Its market cap was $47 billion today; the Bitcoin held by the company is worth just under $60 billion. That on its own is a perilous position. But if the company’s mNAV (“market-to-net asset value”) falls below 1 then the stock potentially enters a new world of pain. mNAV is a measure of the company’s total market cap plus its debt, minus its cash, divided by its total Bitcoin reserve. If that value is worth less than 1 then the case for owning Strategy stock becomes harder to argue.

Fortune contacted the company for comment.

Saylor, as usual, has been tweeting bullishly about MSTR shares, including this chart showing that “open interest” (investor positions that have not been closed out) are the equivalent of 87% of the company’s market value. The implication is that the stock is highly traded (although many of those positions are undoubtedly short bets against the company). He also posted an AI-generated picture of him taming a polar bear.

Below the level of mNAV at 1 lies another dangerous threshold for Strategy: the average price at which Strategy has historically accumulated Bitcoin. Over the years, that price was about $74,000 per coin. Currently, Bitcoin trades at $89.6K. If the price were to fall below $74K it would imply that Strategy’s Bitcoin stash was worth less than what Saylor has paid for it.

Strategy fans would argue that might be a time to buy—if the stock was worth less than its Bitcoin then the price per share might rise to meet the price of Bitcoin; it might rise even more if Bitcoin resumed its march higher.

But that, again, would be a sore test for traders who are not true believers. Why hold a stock that is worth less than the underlying asset it represents?

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Tim Walz insists Minnesota has a role to play in investigating fatal shooting of a U.S. citizen by ICE

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Minnesota must play a role in investigating the fatal shooting of a Minneapolis woman by an Immigration and Customs Enforcement officer, Gov. Tim Walz insisted Thursday, pushing back against the Trump administration’s decision to keep the investigation solely in federal hands.

A day after the ICE officer shot Renee Good in the head as she tried to drive away on a snowy Minneapolis street, tensions remained high, with dozens of protesters venting their outrage outside of a federal facility that’s serving as a hub for the administration’s latest immigration crackdown on a major city.

“We should be horrified,” protester Shanta Hejmadi said as demonstrators shouted “No More ICE,” “Go Home Nazis,” and other slogans at a line of Border Patrol officers, who responded with tear gas and pepper spray. “We should be saddened that our government is waging war on our citizens. We should get out and say no. What else can we do?”

Homeland Security Secretary Kristi Noem, President Donald Trump and others in his administration characterized the shooting as an act of self-defense and cast Good as a villain, suggesting she used her vehicle as a weapon to attack the officer who shot her.

Vice President JD Vance weighed in Thursday, saying the shooting was justified and that Good, a 37-year-old mother of three, was a “victim of left-wing ideology.”

“I can believe that her death is a tragedy while also recognizing that it is a tragedy of her own making,” Vance said, noting that the officer who killed her was injured while making an arrest last June.

But state and local officials and protesters rejected that characterization, with Minneapolis Mayor Jacob Frey saying video of the shooting shows the self-defense argument to be “garbage.”

An immigration crackdown quickly turns deadly

The shooting happened on the second day of the Trump administration’s immigration crackdown on the Twin Cities of Minneapolis and St. Paul, which the Department of Homeland Security said is the biggest immigration enforcement operation ever. More than 2,000 officers are taking part, and Noem said they have already made more than 1,500 arrests.

It provoked an immediate response in the city where police killed George Floyd in 2020, with hundreds of people turning up to the scene to vent their outrage at the ICE officers and the school district later canceling classes for the rest of the week as a precaution.

Good’s death — at least the fifth tied to an immigration crackdown under Trump — has resonated far beyond Minneapolis, as anti-immigration enforcement protests took place or were expected Thursday in New York City, Seattle, Detroit, Washington, D.C., Los Angeles, Philadelphia, San Antonio, New Orleans and Chicago. Protests were also scheduled for later this week in Arizona, North Carolina, and New Hampshire.

Who will investigate?

On Thursday, the Minnesota agency that investigates officer-involved shootings said it was informed that the FBI and U.S. Justice Department would not work with the department, effectively ending any role for the state to determine if crimes were committed. Noem said the state has no jurisdiction.

“Without complete access to the evidence, witnesses and information collected, we cannot meet the investigative standards that Minnesota law and the public demands,” Drew Evans, the Minnesota Bureau of Criminal Apprehension’s superintendent, said in a statement.

Walz publicly demanded that the state be allowed to take part, repeatedly emphasizing that it would be “very, very difficult for Minnesotans” to accept that an investigation that excludes the state could be fair.

Noem, he said, was “judge, jury and basically executioner” during her public comments defending the officer’s actions.

“People in positions of power have already passed judgment, from the president to the vice president to Kristi Noem — have stood and told you things that are verifiably false, verifiably inaccurate,” said the governor, who repeated his calls for protesters to remain calm.

Mary Moriarty, the prosecutor in Hennepin County, which includes Minneapolis, said her office is exploring whether a state investigation can proceed.

“We want to make sure that there is a check on this administration to ensure that this investigation is done for justice, not for the sake of a cover-up,” Frey, the mayor, told The Associated Press.

Deadly encounter seen from multiple angles

Several bystanders captured footage of Good’s killing, which happened in a residential neighborhood south of downtown.

The videos show an officer approaching an SUV stopped across the middle of the road, demanding the driver open the door and grabbing the handle. The Honda Pilot begins to pull forward, and a different ICE officer standing in front of it pulls his weapon and immediately fires at least two shots at close range, jumping back as the vehicle moves toward him.

It isn’t clear from the videos if the vehicle makes contact with the officer, and there is no indication of whether the woman had interactions with ICE agents earlier. After the shooting the SUV speeds into two cars parked on a curb before crashing to a stop.

In another recording made afterward, an unidentified woman who identifies Good as her spouse is seen crying near the vehicle. She says she and Good recently arrived in Minnesota and that they had a child.

The mayor said he’s working with community leaders to try to keep Minneapolis calm and ensure that residents keep their protests peaceful.

“The top thing that this Trump administration is looking for is an excuse to come in with militarized force, to further occupy our streets, to cause more chaos, to have this kind of civil war on the streets of America in a Democratically run city,” Frey told the AP. “We cannot give them what they want.”

Officer identified in court documents

Noem hasn’t publicly named the officer who shot Good. But a Homeland Security spokesperson said her description of his injuries last summer refers to an incident in Bloomington, Minnesota, in which court documents identify him as Jonathan Ross.

Ross got his arm stuck in the window of a vehicle of a driver who was fleeing arrest on an immigration violation, and was dragged roughly 100 yards (91 meters) before he was knocked free, records show.

He fired his Taser, but the prongs didn’t incapacitate the driver, according to prosecutors. Ross was transported to a hospital, where he received more than 50 stitches.

The driver claimed he didn’t know that Ross was a federal agent. A jury, however, found him guilty of assaulting a federal officer with a dangerous or deadly weapon.

DHS assistant secretary Tricia McLaughlin said the officer involved in the shooting had worked more than 10 years as a deportation officer and had been selected for ICE’s special response team, which includes a 30-hour tryout and additional training. She said those skills include breaching techniques, perimeter control, advanced firearms training and hostage rescue.

McLaughlin declined to confirm the identity of the officer as Ross. The AP wasn’t immediately able to locate a phone number or address for Ross, and ICE no longer has a union that might comment on his behalf.

___

Associated Press reporters Steve Karnowski, Giovanna Dell’Orto and Mark Vancleave in Minneapolis, Ed White in Detroit, Valerie Gonzalez in Brownsville, Texas, Graham Lee Brewer in Norman, Oklahoma, Michael Biesecker In Washington, Jim Mustian in New York and Ryan Foley in Iowa City, Iowa contributed.

This story was originally featured on Fortune.com



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Vance on woman shot and killed by ICE: ‘a tragedy of her own making’

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Vice President JD Vance on Thursday blamed a federal immigration officer’s fatal shooting of a Minneapolis woman on “a left-wing network,” Democrats, the news media and the woman who was killed as protests related to her death expanded to cities across the country.

The vice president, who made his critiques in a rare appearance in the White House briefing room and on social media, was the most prominent example yet of the Trump administration quickly assigning culpability for the death of 37-year-old Renee Good while the investigation is still underway. Good was shot and killed by an ICE officer while she tried to drive away on a snowy residential street as officers were carrying out an operation related to the administration’s immigration crackdown.

Vance said at the White House that he wasn’t worried about prejudging the investigation into Good’s killing, saying of the videos he’d seen of the Wednesday incident, “What you see is what you get in this case.”

Vance said he was certain that Good accelerated her car into the officer and hit him. It isn’t clear from the videos if the vehicle makes contact with the officer. Minneapolis Mayor Jacob Frey said Wednesday that video of the shooting shows arguments that the officer was acting in self-defense were “garbage.”

The vice president also said part of him felt “very, very sad” for Good. He called her “brainwashed” and “a victim of left-wing ideology.”

“I can believe that her death is a tragedy, while also recognizing that it’s a tragedy of her own making and a tragedy of the far left who has marshaled an entire movement — a lunatic fringe — against our law enforcement officers,” Vance said.

His defense of the officer, at times fiery, came as Homeland Security Secretary Kristi Noem and President Donald Trump likewise said the officer’s actions were a justified act of self-defense. Trump said Good “viciously ran over” the ICE officer, though video footage of the event contradicts that claim.

Trump has made a wide-ranging crackdown on crime and immigration in Democratic cities a centerpiece of his second term in office. He has deployed federal law enforcement officials and National Guard troops to support the operations and has floated the idea of invoking the Insurrection Act to try to stop his opponents from blocking his plans through the courts.

Trump officials made it clear that they were rejecting claims by Democrats and officials in Minnesota that the president’s move to deploy immigration officers in American cities had been inflammatory and needed to end.

“The Trump administration will redouble our efforts to get the worst of the worst criminal, illegal alien killers, rapists and pedophiles off of American streets,” White House press secretary Karoline Leavitt said Thursday before Vance spoke.

She called Good’s killing “a result of a large, sinister left-wing movement.”

Vance was selected as Trump’s running mate last year partly for his ability to verbally spar, especially with the media. He opened his remarks by condemning headlines he saw about the shooting, at times raising his voice and decrying the “corporate media.”

“This was an attack on law and order. This was an attack on the American people,” Vance said.

He accused journalists of falsely portraying Good as “innocent” and said: “You should be ashamed of yourselves. Every single one of you.”

“The way that the media, by and large, has reported this story has been an absolute disgrace,” he added. “And it puts our law enforcement officers at risk every single day.”

When asked what responsibility he and Trump bore to defuse tension in the country over the incident, Vance said their responsibility was to “protect the people who are enforcing law and protect the country writ large.”

“The best way to turn down the temperature is to tell people to take their concerns about immigration policy to the ballot box,” he said.

Vance also announced that the administration was deputizing a new assistant attorney general to prosecute the abuse of government assistance programs in response to growing attention to fraud in childcare programs in Minnesota.

He said the prosecutor will focus primarily on Minnesota, and will be nominated in coming days. Vance added that Senate Majority Leader John Thune told him he’d seek a prompt confirmation.

___

Associated Press writers Konstantin Toropin, Will Weissert and Jonathan J. Cooper contributed to this report.



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Nicolas Maduro and Luigi Mangione joined at Brooklyn lock-up by Tekashi 6ix9ine

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Rapper Tekashi 6ix9ine is joining Venezuela’s president and the man charged with gunning down United Healthcare’s CEO in a notorious federal lockup in New York City.

The embattled 29-year-old artist, whose real name is Daniel Hernandez, reported to the Metropolitan Detention Center in his native Brooklyn on Tuesday to serve out his latest stint behind bars.

He drove up to the gates of the jail in a luxury van with internet personality Adin Ross and a camera crew streaming live as he turned himself in.

The facility is the only federal jail in New York City but is so troubled that some judges have refused to send people there and others have described it as “ hell on earth ” for its poor conditions and constant violence.

It currently houses Venezuelan President Nicolás Maduro and his wife, Cilia Flores, as well as Luigi Mangione, who is accused of killing Brian Thompson, the leader of the country’s biggest health insurer.

Over the years, MDC Brooklyn has housed a constellation of other infamous inmates, including music stars R. Kelly and Sean “Diddy” Combs and longtime Jeffrey Epstein associate Ghislaine Maxwell.

Hernandez’s lawyers didn’t immediately respond to emails seeking comment Tuesday, but have said previously that the rapper looked forward to serving out his sentence so he could resume his music career.

Hernandez admitted last year to assaulting a man and possessing drugs, in violation of the terms of his supervised release in a gang-related case.

He was sentenced in December to serve three more months in federal custody. He was previously slapped with a 45-day sentence in 2024 for breaking the terms of his supervised release.

Hernandez shot to fame with the 2017 release of his song “Gummo,” but the following year he pleaded guilty to his involvement with a violent New York-based gang, the Nine Trey Gangsta Bloods.

He was sentenced to two years in prison in 2019, followed by five years of supervised release for his cooperation in the racketeering case against other gang members.

He was released from federal prison several months early during the height of COVID-19 pandemic in 2020.

Hernandez’s latest sentence is related to small amounts of cocaine and ecstasy found at his Miami home during a police raid. Prosecutors say he also punched a man who taunted him at a Florida mall over his cooperation against gang members.



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