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But we saved everything 🙂.
Adam Livingston highlights that three Bitcoin treasury companies, including MSTR (Strategy), ASST, and MPJPY, faced a $126,000 BTC print with no additional coin purchases.
Livingston observes that mNAV showed no movement and says the market is compelled to focus on basic arithmetic under these conditions.
Livingston previously argued that Strategy’s S&P 500 inclusion efforts depend on achieving institutional legitimacy and GAAP profitability. He has also noted that Bitcoin investors have endured severe drawdowns and exchange collapses. The recent static in mNAV comes after months of industry stress and shifting expectations.