Crypto concept stock discount rankings (from deep to shallow): Tron → mNAV 0.30 (70% off) Circle → mNAV 0.43 (60% off) Bakkt → mNAV 0.90 (10% off) MicroStrategy → mNAV 0.96 (near parity) FWDI → mNAV 1.20 (20% premium) Public companies holding crypto assets are valued by the market with a 4x difference. There’s definitely some mispricing opportunities here.