SharpLink (#SBET ) 's MNAV has dropped to 0.98

This means that the value of its holdings, #以太坊 , has exceeded its stock price.

Here are my thoughts:

1. Looking back at history, MicroStrategy's mNAV once dropped to as low as 0.7, but that was during a super bear market at the very bottom, around May-June 2022 when Bitcoin's price was about 20,000.

2. MicroStrategy's mNAV has been ≥1 for ≥95% of the time, and dropping below 1 tends to be short-term.

3. Some people compare DAT and Grayscale's GBTC, but there is an essential difference between the two: Grayscale could not redeem assets due to company *regulatory requirements*, leading to decoupling; whereas DAT's treasury strategy gives the listed company complete autonomy, allowing free adjustment in the secondary market, making long-term decoupling difficult.

The above is not financial advice.