I am not buying that: I don't like Strategy trading 3 times the NAV, i cannot think about a shitcoin treasury trrading 7x NAV.
Strategy is currently trading at 1.92 mNAV. See
www.strategy.comDo you like magnificient 7 companies trading at 25 to 30 p/e ratio? They are the most profitable companies in the world.
The stock market is very much based on expectations. It does me no good if price of a stock is $2 according to a snapshot when revenue and cash flow have been declining over the last few years. Conversely, if people pay high multipliers, either p/e or mNAV, it is because of what they expect or anticipate the company will do in the future.