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As the leader of the "coin hoarding" model, MSTR's market value has fallen below the value of its held Bitcoin, which means the key indicator mNAV (net asset value) has dropped to a negative value, shaking the value of the "coin hoarding strategy."
Bitcoin and Ethereum plummeted under the influence of market risk aversion, with investors withdrawing $593 million from related exchanges listed in the United States. Bitcoin's market value evaporated by hundreds of billions of dollars in a week, with prices falling below $105,000, while Ethereum dropped below $3,800. Market turmoil and escalating trade tensions between China and the United States led to massive sell-offs. Despite some industry giants seeking to enter the regulated financial sector, the market recovery remains weak
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