Bitcoin achieves a significant milestone surpassing $120,000 and becoming the fifth most valuable entity in the world, overtaking Amazon and approaching Apple's market capitalization. This dramatic price movement highlights a fascinating valuation discrepancy between Bitcoin miners and Bitcoin treasury companies in how the market values their Bitcoin holdings.

• Explanation of mNAV (Multiple of Net Asset Value) which measures how much premium investors pay for a company's Bitcoin holdings
• Analysis of Bitcoin treasury companies like Strategy (mNAV 1.9), MetaPlanet (mNAV 3.7), and SmarterWeb (mNAV 7.6) trading at significant premiums
• Discussion of Bitcoin miners like Mara, Riot, and CleanSpark trading at discounts to their Bitcoin holdings despite owning additional assets
• Examination of why mining companies face valuation challenges due to operational complexity, capital requirements, and halving events
• Exploration of how newer Bitcoin treasury companies have seen explosive growth with SmarterWeb growing from single-digit millions to $1.4 billion
• Prediction that mNAV premiums will compress over time as more companies enter the Bitcoin treasury space
• Update on major Bitcoin acquisitions with Strategy now holding over 600,000 Bitcoin and MetaPlanet accumulating over 16,000 Bitcoin

Smash that like button and let us know in the comments what you think about this mNAV discrepancy and your current top pick in the Bitcoin sector.

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