Nostr Web Client

Can someone explain this to me?

$NAKA's stats on Oct 8: (BTC at $123k)

(screenshot from X)

$NAKA's stats on Nov 6: (BTC at $101k)

(screenshot from today)

The mNAV on Oct 8 was 0.938 at $0.9714, implying at mNAV of 0.98, it should have been $1.0149

The price drawdown in BTC was ~18% ($101k/$123k~0.82), suggesting that the current price of mNAV 0.98, should be

$1.0149 x 0.82 = ~$0.83 and not ~$0.73.

Where did the extra ~10 cents per share go?

Am I doing the math right?

Is the extra drawdown all debt service and operational expenses or something else?

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Probably has something to do with this annual report to shareholders. Not in the weeds on treasury companies but I'd start there.

Nobody gives a shit about mNAV on Nostr, Jimmy.

are you sure the number of shares didn't change between ? repurchase maybe ?

Probably dilution. What were the shares outstanding counts on those two days?

Idk who cares

So Bitcoin dropped 18% & the share price dropped 26%.

I would have expected the mnav to have dropped further.

Perhaps they quietly bought back a lot of shares when the price dumped?

Treasuries are shitcoins