The market cap of MicroStrategy (MSTR) is now trading below its Bitcoin (BTC) Net Asset Value (NAV) at 0.99x, as shown in the accompanying chart. This suggests that MSTR shares are currently undervalued relative to the company's underlying Bitcoin holdings. An analyst predicts a further drop to 0.2x unless Saylor sells Bitcoin to support the share price, indicating potential downside risk or a catalyst for a rebound.