mNAV of 2.0 means you're paying $2 for every $1 of bitcoin on a company's balance sheet. That's the actual cost of buying bitcoin treasury stocks like Strategy or Metaplanet. You're not buying bitcoin exposure — you're buying a bet that the market keeps valuing the company at a premium to its BTC holdings. If bitcoin jumps 50% and the mNAV compresses from 2.0 to 1.5, your stock gains 12.5%. Bitcoin itself is up 50%. You underperformed holding the "leveraged" play. The leverage everyone gets excited about lives entirely in the premium. When mNAV expands, you ride both the BTC move and the multiple expansion. When it shrinks, you bleed value relative to spot — even in a bull market. BTC yield can soften the blow if the company grows bitcoin per share fast enough to offset compression. But that depends on management, dilution terms, and balance sheet discipline. These stocks aren't always a bad trade — sometimes they rip. But if you're buying without understanding the mNAV and what it means for your breakeven, you're flying blind. Know your premium. Or just stack sats. https://firebtc.io/p/mnav-madness