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Foresight News reports, according to The Wall Street Journal, that the custom indicator mNAV created by Strategy to measure its valuation premium relative to its Bitcoin holdings has systemic flaws. The indicator uses the face value of debt and preferred stock rather than their market value when calculating enterprise value, artificially inflating the numerator. For example, on June 26, Strategy’s official mNAV was reported as 0.99; if calculated using market value, it would only be 0.89. As of last Thursday, the official figure was 1.09, while the actual adjusted value was approximately 1.04.Strategy’s stock price has fallen 75% over the past year, and mNAV dropped below 1 last month, marking the halt of its “rolling snowball” model of financing Bitcoin purchases with premium-priced shares. Previously, the company’s board authorized the sale of up to $1.25 billion worth of Bitcoin to buy back shares and pay interest as well as preferred stock dividends. The article points out that Strategy holds 4% of the global Bitcoin supply, and large-scale sales would further suppress Bitcoin prices. The company estimates that its current $2.55 billion cash reserves can support interest and dividend payments for about 17 months, but if mNAV remains below 1, it may ultimately have to draw on its Bitcoin reserves.

Golden Ten Data July 6｜A certain exchange rose 2.6% before the market, quoted at $157.87. On the news side, Jefferies upgraded its rating from "Hold" to "Buy," raising the target price from $187 to $200. Jefferies believes that the recent stock price weakness provides an attractive entry opportunity for this top gold producer. Jefferies considers that if gold prices fall from current levels, investors will prioritize quality, and this exchange has one of the strongest combinations in the industry regarding asset quality, geographical diversification, operational stability, balance sheet strength, and visible production growth after 2029. The company's current price-to-earnings ratio is about 14.3 times, and the PEG ratio is only 0.11, indicating the stock price is discounted relative to its growth prospects.

According to Cointelegraph, Bitcoin address 1KV47 transferred 30 BTC (approximately 1.88 million USD) after 15 years. This address is one of 39,069 named addresses in a New York lawsuit, in which plaintiff Noah Doe and two Wyoming companies claim ownership of these dormant Bitcoins. According to data from Galaxy Digital research director Alex Thorn, in June, 31 related addresses transferred 17,527 BTC, an increase from 4,834 BTC in February. Legal experts pointed out that dormancy of an address does not equal abandonment of ownership, and the lawsuit is weak due to the lack of private key proof.