This market will resolve to "Yes" if, on any Nasdaq trading day between the market creation date and August 31, 2026, 23:59 UTC, the official MicroStrategy mNAV (Market price to Net Asset Value multiple), as published on strategy.com and corresponding to that day's close, is strictly less than 1. Otherwise, the market will resolve to "No."

Key Definitions

MSTR: Publicly traded shares of MicroStrategy Inc. (Nasdaq: MSTR).

mNAV (Market price to Net Asset Value): The official price-to-net-asset-value multiple for MSTR, as published on strategy.com. This value represents the ratio of MSTR's market price to its per-share net asset value.

Trading Below 1x mNAV: Means the official mNAV multiple for a given trading day is strictly less than 1.

Data Sources

Primary Data Source for mNAV: The official mNAV multiple published on strategy.com.

Secondary Sources: In the event that strategy.com is unavailable or ceases to publish this data, Bloomberg or Refinitiv may be consulted, with Bloomberg taking precedence.

Resolution Notes

The mNAV values used for resolution are those published on strategy.com that correspond to each trading day's close.

If MicroStrategy updates its mNAV after 4:00 PM ET, the new value will apply starting with the next trading day’s close.

If, on any trading day, the mNAV corresponding to the close is strictly less than 1, the market resolves "Yes." If no such day occurs by August 31, 2026, 23:59 UTC, the market resolves "No."