In-depth observation: Strategy’s stock price fell below its position, has Thaler’s Bitcoin financial engineering bubble burst? | Strategy mNAV fell below 1, Ripple CEO criticized Thaler | The corporate treasury model comes to an end

Original author：Web3观察哨

Original source：https://www.youtube.com/embed/EVwcHhS6b00

Web3 In-depth Observation | When the world's craziest Bitcoin long-term fund's stock price fell below the value of its holdings - Michael Thaler's financial engineering myth is being torn apart by the market itself. Core review of this issue: Why does Strategy’s mNAV falling below one mean everything has changed? Ripple CEO’s bombardment, Grayscale Research Director’s “clearance advice” – is this a market panic or a sign of sobriety? Core insights in this issue: - Strategy's share price fell below the value of its Bitcoin holdings, marking the complete closure of the "premium financing" channel for five years - Ripple CEO publicly criticized the Thaler model for "hurting the entire crypto market," and internal rifts deepened - Grayscale Research Director recommended selling more than three billion US dollars in BTC to cover cash obligations, and the market's bearish signal intensified About Web3 Observation Post: We connect the cognitive gap between AI, cryptoeconomics, and the decentralized future. Subscribe and turn on the little bell to be the first to catch the institutional wave. Disclaimer: The video content is for popular science and reference purposes only and does not constitute any investment advice. The crypto market is extremely volatile, so always do your own research. #Web3 #Cryptocurrency #Strategy #Saylor #Bitcoin #Financial Engineering #mNAV #Grayscale Chapter: 00:00 - Opening Hook 00:03 - Welcome to listen to Web3 Observation Post 01:35 - Core controversy: The stock price fell below the position, and the premium narrative collapsed 04:02 - In-depth analysis: What does it mean when mNAV fell below 106:28 - Ripple CEO bombardment and grayscale suggestions: Internal split 09:22 - Macroscopic perspective: The sustainability of corporate treasury models 11:52 - Retail investor survival strategy: It’s not whether to buy or not, but how to look at it 13:42 - Ending and growth guidance