I would think mNav < 1 would actually be the norm. 

If the value is the underlying asset, which anyone can just go buy and hold, then these shares are indirect and uncertain claims that lack properties making bitcoin valuable.

I get that a company, like Strategy, might demonstrate a knack for financial engineering and get their mNav > 1, but that seems like it would be the exception.

Undisciplined

econ

Did Strive Just Deploy Warren Buffett’s Elephant Gun? (Bitcoin Magazine, JB)

denlillaapan

I was looking into NAKA because their mNav was below 1 and was thinking about buying it, but I think an mNav below 1 indicates a lack of confidence that the team will be able to execute their plans and not get into financial trouble.

The way I understand it, shareholders are the last to be paid back. Creditors, vendors, employees, etc, all get paid first in the event of a bankruptcy.  So even though mNav<1, owning a share of NAKA doesn't mean you'll see an equivalent amount of Bitcoin ever.  Especially risky if the company takes on a lot of debt but has no operational cash flow to service that debt and can't keep rolling over the debt.
