MicroStrategy's market cap-to-holdings ratio has bounced back from 0.94 to 0.96. Two days ago, when it dropped below 1, I mentioned that the last time it broke 1 was at the bottom of the 2022 bear market. Now the ratio is starting to recover—stock price at $150, holdings value at $56.6B vs. market cap at $42.5B, with the discount narrowing to 4%. What's even more noteworthy: Bitcoin hasn't moved much; it's the stock price that's climbing. This suggests that some funds are betting on the 'mNAV returning to 1' trade. Historically, every time mNAV dropped below 1, it was a buying opportunity. Will this time be any different?