The two largest Bitcoin treasury companies, MSTR and Metaplanet, both have a positive mNAV of 1.19 and 1.17. This follows a +50% correction in Bitcoin's price. mNAV is a forward-looking metric. It captures market expectations of future BTC scaling. The premium exists because of anticipated growth in BTC holdings beyond current levels, not just today's snapshot. When mNAV compresses toward or below 1x, it signals fading confidence in that future accretion story.(James Van Straten)