Strategy isn't a buy even at about 0.8x the value of its bitcoin holdings. The discount reflects market skepticism about management, liquidity and governance, as investors price in execution risk and potential structural issues beyond the BTC exposure. x.com  x.com 

Strategy's bitcoin flywheel doesn't work in a bear market: below 1x mNAV, issuing stock to buy bitcoin loses money, so it defends the share price instead. It spent $139 million last week and bought zero bitcoin, putting raised money into its own stock, and until mNAV gets back above 1 it can't buy a single coin. @JamesIIIIIII adds that below 1x mNAV the flywheel becomes a treadmill, since the balance-sheet story works only while the market pays a premium for the wrapper. x.com  x.com 

RoboStrategy is a red flag because buyers pay about five times its net asset value, effectively valuing its Figure stake at over $200 billion versus Figure's $39 billion valuation. Shares trade at $37.92 against a NAV of $7.34, and about $2 billion of ongoing dilution exploits that gap. Most retail buyers don't read filings or understand closed-end funds, so the price reflects float dynamics, not fundamentals, leaving them as exit liquidity. Unitree, the top humanoid maker, lists at $6 billion. … Show more

Bit Digital's discount to NAV is not attractive because its exposure to volatile assets like bitcoin cuts both ways. It works while bitcoin is running, and the company also carries heavy dilution. x.com 

Bitcoin is the land of the digital age: a fixed 21 million supply that technology can't reproduce, and the fourth engineered form of money in 5,000 years. It competes not with the dollar but with $900 trillion of property used to store wealth, without taxes or upkeep; capturing 10% of that pool means 60x. Compounding at 30% for 20 years, below its historic 50%, puts one coin at $15M by 2046; $10-20M is a central hypothesis, not a prediction. It demands a 20-year minimum hold. x.com  x.com  x.com  … Show more