TokenPost.ai
Geopolitical risk in the Middle East and a series of crypto market developments—from a rare valuation discount at Strategy to intensifying exchange competition in Europe—shaped sentiment across digital assets heading into the end of June.
Iran’s Islamic Revolutionary Guard Corps (IRGC) warned it could take “harsher measures” against vessels transiting the Strait of Hormuz, according to local reporting cited by Odaily. The Strait of Hormuz is a critical chokepoint for global oil flows, and any escalation tends to ripple through energy prices and broader ‘risk appetite’—often spilling into crypto markets via volatility in macro-sensitive assets.
In equities and corporate crypto holdings, Strategy’s market capitalization fell below the value of its Bitcoin (BTC) treasury, pushing its corporate ‘mNAV’ (multiple of net asset value) under 1 for the first time, Odaily reported. Data cited in the report put Strategy’s shares near $82, implying a market cap of roughly $50.4 billion, versus an estimated BTC holding value of about $51.1 billion based on a BTC price near $60,000.
The shift matters because Strategy has historically traded at a premium to its underlying BTC, enabling it to raise capital—often via equity issuance—and buy more Bitcoin. With mNAV below 1, analysts warn that fresh share offerings could become more dilutive for existing shareholders, potentially tightening one of the company’s key financing levers. Some market observers compared the dynamic to a closed-end fund trading at a discount, akin to the historical pattern seen in Grayscale’s Bitcoin trust. Others noted Strategy still has multiple funding sources—debt markets, equity tools, and cash flow from its software business—giving it flexibility during periods of market stress.
Broader corporate adoption of Bitcoin continues to expand. A Fidelity Digital Assets report cited by Crypto Briefing said that, as of the end of 2025, 49 publicly listed companies held at least 1,000 BTC—up from 22 a year earlier. The same report estimated those firms collectively control close to 5% of total BTC supply. By early June 2026, the number of public companies holding BTC on their balance sheets had risen to roughly 170–199, with combined holdings of about 1.265 million BTC—around 6% of total supply—underscoring how ‘treasury allocation’ has moved from a niche practice to a widening corporate trend.