The inverted market cap between ETH micro-strategies' stock value and token holdings is caused by insufficient funds in the U.S. stock market. Right now, due to recession fears, liquidity in the U.S. stock market is also on shaky ground. If listed companies can quickly reverse the downturn, then mNAV < 1 (company market cap lower than token value) would be a perfect bottom-buying opportunity. But if stock prices can't hold up and token prices also start to drop, then it's game over This round's LUNA crash black swan event is very likely a result of various micro-strategies in the bear market overplaying their hand and collectively blowing up. But that's a story for another time. BMNR SBET ETH LUNA