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![thepowerfulHRV Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::127712777.png) Mark Harvey [@thepowerfulHRV](/creator/twitter/thepowerfulHRV) on x 19.2K followers
Created: 2025-07-15 14:59:57 UTC

$MSTR is already a winner at ~2x mNAV. High mNAVs (5x or higher) are unsustainable.

mNAVs of 5x+ have thus far appeared only briefly during early/mania phases around a particular BTCTC, but they eventually settle lower.

IMO, mNAV is constantly anchored by the lack of differentiation among BTCTCs, expectations of significant dilution at higher mNAVs, competition from  ETFs (1x mNAV), and limited ability to take on debt or issue preferred shares.

I guess I’ll believe in a sustained 5x+ mNAV when I see it (and I hope I'm wrong).


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**Related Topics**
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[$mstr](/topic/$mstr)
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