Quick mNAV check on crypto treasury plays — shows what the market's actually paying versus what's in the vault.
$MSTR at 0.84x — trading under nav, market discounting the treasury despite size
$BMNR at 0.86x — similar story, stock below holdings
$ASST at 0.91x — tight to nav, almost fair value
$BTBT at 0.49x — massive discount, half the value of what they hold, either heavy skepticism or opportunity
$CYPH at 2.10x — only one trading above holdings, market paying premium for structure or expectation
When mNAV's under 1x, you're buying the treasury at a discount. When it's over, you're paying for the wrapper. Right now most of these are discounted — question is whether that's value or a warning.
$MSTR at 0.84x — trading under nav, market discounting the treasury despite size
$BMNR at 0.86x — similar story, stock below holdings
$ASST at 0.91x — tight to nav, almost fair value
$BTBT at 0.49x — massive discount, half the value of what they hold, either heavy skepticism or opportunity
$CYPH at 2.10x — only one trading above holdings, market paying premium for structure or expectation
When mNAV's under 1x, you're buying the treasury at a discount. When it's over, you're paying for the wrapper. Right now most of these are discounted — question is whether that's value or a warning.