SharpLink (SBET)'s mNAV has dropped to 0.98. This means the value of its Ethereum holdings has already surpassed its stock price. Here are my thoughts: 1. Looking at historical trends, MicroStrategy's mNAV once fell as low as 0.7, but that was during the absolute bottom of a super bear market, around May-June 2022 when Bitcoin was priced at roughly $20k. 2. For ≥95% of the time, MicroStrategy's mNAV has been ≥1, and any drop below that tends to be short-term. 3. Some people compare DAT to Grayscale's GBTC, but there’s a fundamental difference between the two: Grayscale’s issue was that the company *under regulatory constraints* couldn’t redeem assets, leading to a depeg; whereas DAT’s treasury strategy allows the listed company full autonomy, with the freedom to adjust positions in the secondary market, making long-term depegging unlikely. All of the above is not financial advice.