7/ More concerning: the percentage of treasury companies with mNAV below 1 just spiked to an all time high of 27%. This means a growing number of company's market cap is less than the value of their Bitcoin holdings. mNAVs under 1 mean issuing stock to buy Bitcoin is dilutive (bad) and if the situation persists they will be incentivized to buy back stock, possibly by _selling_ Bitcoin. Definitely an important metric to watch short term as a leading indicator for tradfi capital raising exhaustion. Live chart: https://capriole.com/charts/?chart=btc-treasuries-company-mnav-percentiles(Charles Edwards)