Part of what this mNAV chart is showing is that MSTR got way out over its skis vs bitcoin. mNAV coming back in line with prior levels, by definition, means that MSTR dipped relative to bitcoin (but, again, after having outpaced it on the way up).

But that's only one side of the equation, mNAV reset with a higher NAV base.

There's no form of MSTR coming off the peak accompanied by high investor sentiment. But the ATM makes for a convenient scapegoat.

IMO, MSTR trended back in line with where it should be relative to BTC.