Michael Saylor’s Strategy flirts again with the danger threshold at which his company is worth less than his Bitcoin

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...