MicroStrategy wannabes and the return of mNAV mania
mNAV speculation in public markets is back . Coined as a colloquial oversimplification in crypto lingo, mNAV means multiple-to-net asset value or the ratio of market capitalization to the crypto assets held by a public company. However, as with most parlance from the nascent crypto sector, the acronym is a misnomer. Unlike trusts, public companies do not have “net assets,” a controlled term, nor is there any right of common shareholders to redeem shares for any assets. Even MicroStrategy, the largest company trading at a positive mNAV, explicitly tells its shareholders that its stock (MSTR) doesn’t confer any ownership interest in the bitcoin (BTC) the company holds. At some point people will stop valuing $MSTR based upon their mNAV or Bitcoin yield, and start valuing it based on the fact that it will be single largest holder of Bitcoin for the rest of human history. Bullish. — Michael R. Sullivan (@SullyMichaelvan) April 30, 2025 An investor invents justifica...