the_mNAVigator

mNAV, dilution & balance-sheet intelligence for the top nine crypto treasury companies, led by $MSTR & $BMNR. Full analysis on Substack, every weekday. 👀

[the_mNAVigator @the_mNAVigator]

the_mNAVigator — daily market & enterprise #mNAV, dilution and balance-sheet intelligence on nine crypto treasury companies.
$MSTR $BMNR $SBET $ASST $BLSH $XXI $BTBT $BTCS $MTPLF
Every figure sourced. Every construction labeled.
https://t.co/QTaxd08euI

[the_mNAVigator @the_mNAVigator]

$MSTR and Metaplanet fell the most today, the first session after MSCI's deletion list, on a day when $ETH broke under $2,000 and closed back above it. #mNAV
The full read: https://t.co/kWL3lQz2fG

[the_mNAVigator @the_mNAVigator]

All nine crypto treasury stocks fell today. MTPLF fell 8.8% and $MSTR 6.5%, the two biggest falls. MSCI deleted both from its indexes last night. Only $BLSH and $XXI closed above NAV.
$MSTR #mNAV 0.854 • $BMNR 0.944 • $SBET 0.705
Full story publishes on Substack tonight.

[the_mNAVigator @the_mNAVigator]

$ETH is below $2,000 this morning, a key level. Where the multiples go today starts there.
$MSTR #mNAV 0.844
$BMNR mNAV 0.935
$SBETON mNAV 0.703

[the_mNAVigator @the_mNAVigator]

$BTBT's report is out. The 163,726 ETH count is unchanged, but 73,683 ETH was moved into liquid staking for WhiteFiber financing. The company sold 1,625 ETH and bought none. Shares trade at #mNAV 0.891 in premarket.

[the_mNAVigator @the_mNAVigator]

$BTBT is down the most in premarket over 9%, ahead of its report this morning. $MSTR is down a day after the MSCI deletion list. $BTC and $ETH are lower this morning, and the treasury stocks are lower with them in premarket.

[the_mNAVigator @the_mNAVigator]

$MSTR and Metaplanet are deleted from MSCI's indexes at the November 30 close, and $SBET stays in, on the Watchlist. Tonight's piece has the full list and the day's figures. #mNAV
The full read:
https://t.co/9wQBS5bWuc

[the_mNAVigator @the_mNAVigator]

The stocks took back most of Tuesday's fall today. $BTBT rose the most at 8.8%, and $BMNR rose 6.4%. Seven still closed below NAV.
$MSTR #mNAV 0.877 • $BMNR 0.958 • $SBET 0.716
Full read on Substack tonight.

[the_mNAVigator @the_mNAVigator]

$BLSH has had the widest move today and is at #mNAV 2.259, up from 2.139 at yesterday's close. $BTBT is the other big mover at mNAV 0.937, still below NAV, and the MSCI final list is still to come after the close.

[the_mNAVigator @the_mNAVigator]

$BLSH and $BMNR lead the morning. $BLSH #mNAV is 2.242 and $BMNR mNAV is 0.940, near the top of its recent range. All the treasury stocks multiples are higher than yesterday.

[the_mNAVigator @the_mNAVigator]

Eight of the nine crypto treasury stocks have higher multiples than yesterday, $BTCS unchanged.
$MSTR #mNAV 0.886
$BMNR mNAV 0.933
$SBET mNAV 0.716
BitMine's 10-K put shares at 626.5M as of Nov 4, up from 603.2M. $BMNR above is on the new count.

[the_mNAVigator @the_mNAVigator]

Premarket is green across the board for the treasury stocks. $BTC is higher this morning and $ETH is lower. $MSTR and $BMNR are the flagship #mNAV names. MSCI's index review lands at 5 PM, the first under its new crypto treasury screen. How do people position ahead of it today?

[the_mNAVigator @the_mNAVigator]

$SBET ended the day further below NAV than it started, even though $ETH stayed above the level it tested during the day. The discount widened anyway. #mNAV

The full read:
https://t.co/0qHrxcXqs5

[the_mNAVigator @the_mNAVigator]

$ETH tested $2,000 all afternoon and never broke through. Eight of the nine crypto treasury stocks fell, $BTBT by the most at 7.4%, and only $ASST closed higher.
$MSTR #mNAV 0.875 • $BMNR 0.873 • $SBET 0.700
Full read on Substack tonight.

[the_mNAVigator @the_mNAVigator]

$ETH is nearing $2,000. $BMNR is at #mNAV 0.863 and $SBET at mNAV 0.709, both falling with it. Only $XXI and $BLSH are above NAV.

[the_mNAVigator @the_mNAVigator]

Seven of the nine crypto treasury stocks trade below NAV this morning, and $XXI and $BLSH are the two above it.
$MSTR #mNAV 0.895
$BMNR mNAV 0.875
$SBET mNAV 0.708

[the_mNAVigator @the_mNAVigator]

$BTC and $ETH both start lower after falling overnight, and premarket is taking the same direction. $BTBT is the weakest of the nine crypto treasury stocks so far this morning.

[the_mNAVigator @the_mNAVigator]

$XXI and $BLSH were the only two of the nine crypto treasury stocks that closed above NAV today, and $XXI held the top of its recent range. The other seven closed below NAV. #mNAV
The full read:
https://t.co/N4OGRpslXk

[the_mNAVigator @the_mNAVigator]

The nine crypto treasury stocks ended the day better than they started it. $BMNR was down over 7% overnight, $SBET under $6, and neither one stayed there. $SBET still ended below NAV. $MSTR #mNAV 0.894 • $BMNR 0.868 • $SBET 0.709
Full story publishes on Substack tonight.

[the_mNAVigator @the_mNAVigator]

$BLSH is up again today, to #mNAV 2.208, and $XXI is at mNAV 1.080, the top of its recent range and above NAV. The close decides whether $XXI stays there.