In the previous cycle, MSTR's mNAV bottomed out before BTC;

In this cycle, MSTR has additional STRC, and BMNR has added BMNP. After experiencing the decoupling of STRC approaching 70 in July, MSTR restored its cash reserves by selling BTC and using ATM offerings, prioritizing STRC interest payments. Currently, STRC has also rebounded to around 95, as shown in Figure 1;

The same applies to BMNR's mNAV. Figure 2 shows the mNAV trend I've been tracking. BMNR's mNAV briefly returned to 1 in June but then fell to 0.8 along with the decline in ETH. However, with continuous buybacks by management for four consecutive weeks starting in July, market confidence was bolstered. With buybacks as a safety net, 0.82 became the bottom for mNAV. Currently, mNAV has rebounded to 0.95; this repair process took nearly two months;

If ETH rebounds further to $2k, I believe mNAV is expected to recover to 1. Based on these two observations, my view leans towards the idea that as STRC and BMNR's mNAV bottom out and rebound, both BTC and ETH are also nearing their bottom regions.

$BitMine Immersion Tech(BMNR.US)

$Strategy(MSTR.US)

$Microstrategy Inc Pref Shares STRC 9.0 Perp(STRC.US)