Buying Strategy or Metaplanet at a 2x mNAV means paying $2 for every $1 of bitcoin on the balance sheet. That premium is the entire trade — not the bitcoin exposure itself. If bitcoin jumps 50% but the mNAV compresses from 2.0 to 1.5, your stock gains just 12.5%. Spot bitcoin holders captured the full 50%. mNAV — multiple of net asset value — measures how the market values a bitcoin treasury company relative to its actual BTC holdings. Above 1 is a premium, below 1 a discount. When multiples expand during euphoria, that same 50% bitcoin move becomes an 87.5% stock gain. When they compress, you get diluted returns even in a rising market. BTC yield (growing bitcoin per share) can offset some of that compression, but most buyers aren't watching it closely enough. https://firebtc.io/p/mnav-madness