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Bitcoin Is Data Substack · Nov 22, 2025

MSTR's mNAV below one

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This site does not allow itself to be embedded. You can still read it on the original site — the toolbar below keeps your place in the directory.

Not a good sign.

Our MSTR page is now back online with updated data.

Not a good picture for Saylor’s Strategy, as its mNAV fell below one, which means the company’s total stock value is now lower than its bitcoin holdings.

That’s all for today.

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