Popular cryptocurrency analyst Michaël van de Poppe flagged on Sunday a “great opportunity” to buy into Strategy Inc. (NASDAQ:MSTR) and Bitcoin (CRYPTO: BTC), likening the setup to the 2022 bear market bottom.
What Does mNAV Reading Say?
Van De Poppe quoted an X post by On-chain Mind showing how Strategy’s Market Net Asset Value, or mNAV, is at depressed levels similar to the 2022 bear market bottom.
Market Net Asset Value is calculated by dividing the Strategy’s Enterprise Value by the total market value of the Bitcoin it holds. The indicator tracks whether investors are paying a premium or a discount for the Michael Saylor-led firm’s Bitcoin treasury.
The chart shows mNAV is in the bottom 1% of historical readings, while MSTR’s share price has fallen, but not to the depths seen in 2022.
A lot of people are mocking on $MSTR.
— Michaël van de Poppe (@CryptoMichNL) July 12, 2026
It's actually a great opportunity to be allocating into $MSTR, $BTC.
The previous bear market the mNAV was way worse than current conditions and he has even strengthened his entire position.
This won't last long, and probably we're… https://t.co/nf6cmqc4Dr
Swimming Around Bitcoin Bottom?
Van De Poppe interpreted it as a “great opportunity” to allocate into MSTR and Bitcoin.
“The previous bear market, the mNAV was way worse than current conditions and he [Saylor] has even strengthened his entire position,” the analyst said.
Van de Poppe sees this setup as temporary, adding that, “This won’t last long, and probably we’re swimming around the Bitcoin bottom.”
More Bitcoin Purchases To Come?
Meanwhile, Saylor posted the customary accumulation chart on X, using orange circles or "dots" to pinpoint the firm’s Bitcoin purchases.
“Orange dots tell only part of the story,” Saylor wrote, suggesting the company could buy more Bitcoin. Historically, these weekend posts have always preceded purchase disclosures on the coming Monday.
As of this writing, Strategy sits on unrealized losses worth over $10 billion on its BTC holdings.
Strategy’s shift from being Bitcoin’s largest corporate buyer to selling Bitoin to fund its operations has pressured investor sentiment, undermining the ‘never sell’ thesis that Saylor had long advocated for.
Orange dots tell only part of the story. pic.twitter.com/HFZd2z7fus
— Michael Saylor (@saylor) July 12, 2026
Price Action: At the time of writing, BTC was exchanging hands at $62,698.35, down 1.96% over the last 24 hours, according to data from Benzinga Pro.
Strategy shares closed 0.80% higher at $94.64 on Friday. Year-to-date, the stock has plunged 37%.
Benzinga’s Edge Stock Rankings indicate that MSTR has underperformed with a weaker price trend across short-, medium-, and long-term timeframes.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: PJ McDonnell on Shutterstock.com
