In today’s briefing:
- mNAV 0.99x: The Number that Matters
mNAV 0.99x: The Number that Matters
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Bitcoin closed near $60,000, down 6.3% on the week and roughly 52% from the October 2025 all-time high.
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May PCE printed 4.1% headline and 3.4% core on June 25, the hottest read since April 2023, triggering $1.26 billion in liquidations.
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Strategy’s enterprise mNAV broke below 1.0 on June 26 for the first time, severing the equity accretion channel for its 847,363-BTC treasury.
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