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In a Bitcoin reserve company, what can mNAV be understood as?
It can be understood as:
How much the market is willing to pay for every $1 of net asset value.
For example:
mNAV = 1.5 → For every $1 of net asset value, the market is willing to pay $1.5.
mNAV = 3 → For every $1 of net asset value, the market is willing to pay $3.
Now, mNAV has fallen below 1 again.
When did we last see this situation?
It was in 2022.
During the bull market, mNAV rose to 4, even 5.
Now it's a bear market, falling below 1.