mNAV broke below 1: What is happening with these 'coin stocks'?

mNAV breaking below 1 indicates that the market is no longer willing to pay a premium for the narrative of these 'coin stocks', and has even started to discount them.

In other words: a lot of funds would rather buy BTC / ETH or ETFs directly, and do not want to pay extra to buy 'shell version' coin stocks, and even believe that these companies themselves may 'drag behind'. #MSTR #BMNR #币股