DAT's days aren't going so well, huh. As of now, the total value of BTC held by MSTR is $65.45 billion, but MSTR's market cap is only $63.96 billion. mNAV is already underwater, yet the market enthusiasm still feels lacking. While it can't be called a complete blow-up, MSTR's position seems a bit awkward with the growing popularity of Bitcoin spot ETFs.