Rough MNAV calcs:

$CEP/XXI:

$274M mktcap for 2.7% = $10.15B post-merge

42k BTC at $117.7k

MNAV = 2.05x

$NAKA

$66.5M mktcap for 1.2% = $5.54B post-merge

$750M of BTC coming

MNAV = 7.39x