Meme stocks dumping on the news that they bought $BTC is not really surprising even if it might be counter-intuitive :
Once a company starts adopting a BTC Treasury Strategy, it automatically means that the valuation gets anchored to something "real" instead of a pure memetic value, and this real thing is the BTC stack.
When this happens, you can calculate the mNAV premium, which is the ratio of the company valuation over the BTC value (= NAV = net asset value).
$DJT mcap is $6.5bn, if they buy $2.5bn worth of BTC, the company trades at 2.6x mNAV.
$GME mcap is $14bn, if they hold $4.5bn in cash and $500M in BTC, their mNAV is somewhere around 3 (if we include the cash in the NAV...).
One thing to note too is that DJT is raising $1bn through convertible bonds, which usually means that there is selling pressure during the period of pricing of the bond.
I wrote a tweet today which stated that the mNAV of $SBET (the Eth version of MSTR) was around 6 at yesterday's close, so the price going down today is very logical too, because 6 is a high multiple.
XRP Sees $2.3B Volume Amid ETF Progress, Real Estate Tokenization, and Major Unlock Event
XRP is currently trading at $2.2611 with a 24-hour trading volume exceeding $2.3 billion and a 2.52% price decrease from the previous day, maintaining a market capitalization of approximately $135.14 billion and ranking 7th among cryptocurrencies. The recent price decline is attributed to profit-taking following a week of positive momentum, despite significant developments such as VivoPower’s $121 million XRP treasury strategy, progress toward an XRP spot ETF with SEC review, and increased on-chain activity including nearly 400 million transactions on May 27. Additional factors influencing market sentiment include the upcoming unlocking of 1 billion XRP tokens by Ripple Labs, the launch of Dubai’s $16 billion real estate tokenization platform on the XRP Ledger, and anticipation of regulatory discussions at the SEC’s digital assets conference.
SOL Surges 22% Weekly Amid MetaMask Integration and $1B Inflows Despite Short-Term Dip
Solana (SOL) is currently trading at $171.00 with a 24-hour trading volume exceeding $3 billion and a circulating supply of approximately 516 million SOL; the price has decreased by 3.28% in the past 24 hours after opening at $176.80, though it remains up over 22% for the week, reflecting strong recent gains and high liquidity. The recent price decline appears linked to profit-taking following a week of significant upward movement, despite positive developments such as MetaMask’s integration of the Solana network, large-scale capital inflows including a reported $1 billion raised to purchase SOL, and growing institutional interest with Standard Chartered Bank’s coverage and bullish long-term forecasts; these factors have driven recent momentum, but short-term volatility is likely influenced by technical resistance and market reactions to rapid gains.
Older #bitcoin wallets are waking up again. In May 2025, long-term holders, mainly from the 3–5 year cohort, moved $4.02 billion worth of $BTC , marking the highest spending volume since February. While this isn’t the largest spike of the current cycle, it’s still significant when compared to previous peaks like October 2024’s $9.25B (led by 1–2 year holders), March 2024’s $6.11B and February 2025’s $5.42B (both driven by 2–3 year coins), and November 2024’s $4.39B (also led by 3–5 year holders). The reactivation of these older coins could be a sign of shifting sentiment or growing anticipation of a major move in the market.
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