---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43318355.md"
description: "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)"
datetime: "2026-08-11T02:02:55.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43318355.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43318355.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43318355.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

# In the previous cycle, MSTR's mNAV bottomed out be…


### Related Stocks

- [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md)
- [BMNP.US](https://longbridge.com/en/quote/BMNP.US.md)
- [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md)
- [STRC.US](https://longbridge.com/en/quote/STRC.US.md)
- [STRD.US](https://longbridge.com/en/quote/STRD.US.md)
- [STRF.US](https://longbridge.com/en/quote/STRF.US.md)
- [STRK.US](https://longbridge.com/en/quote/STRK.US.md)
- [BMNRD.US](https://longbridge.com/en/quote/BMNRD.US.md)

## Comments (25)

- **大杀四方的小何 · 2026-08-11T11:20:38.000Z**: Boss, what's your cost basis?
- **幻想日进斗金 · 2026-08-11T05:35:18.000Z**: Holding BMNR, want to day trade, but it seems trading is not possible now? Can anyone explain?
  - **卖飞专业户** (2026-08-11T05:35:50.000Z): Try using a 🪜 proxy with global mode or getting a 🇭🇰 card, that's how I do it, no impact at all
- **秋水扶贫 · 2026-08-11T04:12:03.000Z · 👍 2**: Hoping to see Uncle Yama post more often when the market picks up. Looking forward to 100 😄
- **余哥稳又富 · 2026-08-11T04:02:21.000Z**: The last drop hasn't come yet 🫣
- **Iwen · 2026-08-11T03:33:07.000Z**: I'd like to ask all the experts here: Is it feasible to allocate some Bitcoin spot exposure using Bitcoin ETFs in the Hong Kong stock market (I don't have 8 million HKD, so I can't buy IBIT. I'm not considering opening a crypto exchange account for now.)
  - **lyhalfway** (2026-08-11T04:01:31.000Z): I haven't used Hong Kong stock ETFs, but you can buy IBIT by opening an SG account.
  - **Iwen** (2026-08-11T06:15:06.000Z): How do I open a Singapore account now? I only have a liver-colored passport.
  - **Tio** (2026-08-11T07:59:42.000Z): SG should be profitable, right?
- **SSerpens · 2026-08-11T03:31:40.000Z**: The problem is significant: in a high-interest-rate environment with rate hike expectations, compounded by the AI sector's continuous capital absorption, one would assume the cycle has bottomed out. But where will the money come from? As always, the crypto circle only remains bullish on hyperliquid.
  - **lyhalfway** (2026-08-11T04:02:20.000Z): Hyper also feeds on crypto liquidity; for a real market rally, you still need to watch BTC, the big boss.
  - **SSerpens** (2026-08-11T04:26:42.000Z): When BTC falls, it doesn't fall any less; when it rises, it doesn't necessarily rise much either. Because its market cap is too large and there are no dividends to provide a floor, it looks inferior t
  - **Iwen** (2026-08-11T06:18:49.000Z): The negative factors have already been fully priced in. Unless MSTR has a bombshell (though the probability looks low now) causing one last drop, 60000 should likely be the bottom.
- **5EWolf · 2026-08-11T02:58:06.000Z · 👍 1**: mstr bottom 85-65bmnr bottom 14-12
  - **lyhalfway** (2026-08-11T03:04:23.000Z): Yeah, the market is now indifferent to Saylor selling coins, STRC has basically recovered, and it's hard for it to fall further.
  - **5EWolf** (2026-08-11T03:52:31.000Z): If there really is a final drop, then BTC at 50,000 corresponds to around 65.
- **AI应用救我一下啊 · 2026-08-11T02:36:41.000Z · 👍 1**: Crypto stocks are hard to trade.
- **霜心 · 2026-08-11T02:24:59.000Z · 👍 2**: I've always wanted to buy some, but I'm afraid this thing might blow up 😅
  - **lyhalfway** (2026-08-11T02:31:29.000Z): MSTR's cash reserves are now sufficient, so a bombshell is unlikely
  - **Shaka** (2026-08-11T03:58:47.000Z): If he buys crypto, won't he be out of money? Unless he doesn't buy.
  - **lyhalfway** (2026-08-11T04:00:24.000Z): I'm not buying now, and I'm still selling every week.
- **财财财 · 2026-08-11T02:08:37.000Z**: Asking the experts, does MSTR still have leverage relative to Bitcoin now?
  - **lyhalfway** (2026-08-11T02:09:54.000Z): There is basically no premium anymore.