$XXI posted a $413.5M loss but don't get spooked
97% of it = non-cash $BTC revaluation (paper loss)
They're still sitting on 43,514 $BTC
Stock trading at 0.7x mNAV — massive discount
If they can flip this into a Berkshire-style $BTC capital machine, the risk/reward gets stupid
Market overreacting to accounting noise while missing the actual asymmetry
97% of it = non-cash $BTC revaluation (paper loss)
They're still sitting on 43,514 $BTC
Stock trading at 0.7x mNAV — massive discount
If they can flip this into a Berkshire-style $BTC capital machine, the risk/reward gets stupid
Market overreacting to accounting noise while missing the actual asymmetry