A series of crypto storage companies have seen their mNAV drop below 1

The Basic mNAV reflects the ratio between the market capitalization of the business and the total value of the crypto they hold. mNAV < 1 means that the market is losing confidence and valuing the company's shares lower than the value of the crypto they have in hand.

Many names such as Bitmine, MARA, Metaplanet, Sharplink… are also in this situation. The TOP1 server Strategy also could not escape when this morning the stock was -2.16%, reducing the market capitalization to $65B and bringing mNAV down to its lowest level since the end of September, when BTC had not yet broken the new peak of $126K.

This situation is not unfamiliar to Mr. Saylor. During the crypto winter of 2022, the mNAV of Strategy once dropped to 0.5, when the entire market doubted that the company would have to sell Bitcoin. However, they still mortgaged BTC to borrow and accumulate more during the crisis.

However, not everyone can be as tough as Strategy; some have chosen paths such as mergers or stock buybacks:

- Semler Scientific merged with Strive after a quarterly loss report and the mNAV decreased to about 0.7.

- KindlyMD merged with Nakamoto Holdings to expand funding sources.

- The ETH reserve company ETHZilla (https://t.me/Fivemincryptoann/11691) sold $40M ETH to buy back shares to boost the price and improve mNAV.