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![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 46.9K followers
Created: 2025-07-16 15:12:03 UTC

@h0lybuffal0 Multiple of the net asset value.

Meaning if they have $X of Bitcoin and they have a 3x mNAV, the market is pricing them as if they have $X of Bitcoin.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945501691941413375/c:line.svg)

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[Post Link](https://x.com/AdamBLiv/status/1945501691941413375)