mNAV at 2.0 is where the old short trade gets interesting again. The setup as described on tape: at the end of the last bear market the short case was that ATM issuance made long IBIT against short MSTR close to a free trade. It worked, because Bitcoin fell. The counter raised now is timing. Saylor talks about ripping the wings off the shorts, and that is hard to do while publishing exactly when you buy. The cadence of transparency that reassures holders also tells a short desk which week to expect. The second argument is about the range. mNAV at 2.0 drifting to 1.75 is 0.25 of discount to trend, and the view given is to let the multiple run instead of managing it inside a quarter point. The comparison used is PE multiple expansion. That view was put to the investor relations team directly, at an event in Las Vegas. $MSTR bitcoin:native @MasonFoard @GrainofSaltSF

BREAKING: President Emmerson Mnangagwa donated @Starlink kits to 10 schools in Bulilima, Zimbabwe. 🇿🇼 The nationwide Presidential Internet Scheme includes an initial 8,000-kit handover for schools. Starlink is helping rural students access a world of knowledge & opportunities.

📉 @MicroStrategy's enterprise mNAV has fallen below 1. With the stock declining to around $82, roughly 85% below its November 2024 all-time high, the company's enterprise value has dropped to $50.4B. Meanwhile, its $BTC holdings are worth about $51.1B at a #Bitcoin# price of $60,000. In other words, the market is now valuing the entire enterprise at less than the value of the $BTC it holds. At these levels, issuing new shares would become dilutive, as the company would effectively be selling equity at a valuation below the value of its underlying assets, analysts note.

$BMNR is back above 1.00x mNAV BitMine briefly traded above NAV last week before slipping back below. Now it’s back again. 🔹 $BMNR: $25.28 🔹 $ETH: $2,476 🔹 Live NAV/share: $25.24–$25.25 🔹 mNAV: just above 1.00x After spending much of the recent stretch below NAV, $BMNR is back in premium territory.