[News Brief] Apr 22, morning | Strategy mNAV Falls Below 1 for the First Time

Strategy mNAV Falls Below 1 for the First Time

According to Odaily, Strategy’s market value fell below the value of its Bitcoin holdings, causing its market-value-to-net-asset-value multiple (mNAV) to drop below 1 for the first time.

Data showed Strategy’s stock price at around $82 and its market value at approximately $50.4 billion. By comparison, the value of its Bitcoin holdings was estimated at about $51.1 billion, based on a Bitcoin price of roughly $60,000.

Until now, the market had assigned a premium to Strategy’s Bitcoin holdings, allowing the company to raise capital and acquire more Bitcoin. However, if mNAV remains below 1, equity financing through new share issuance could lead to dilution for existing shareholders, analysts noted.

Some analysts said the shift could make Strategy’s valuation structure resemble that of a closed-end fund trading at a discount, similar to Grayscale Bitcoin Trust in the past.

That said, Strategy still retains multiple capital options, including debt financing, equity issuance, and cash flow from its software business, leaving room to respond to market volatility.

Morgan Stanley Adds 143.312 BTC via Spot Bitcoin ETF

According to Arkham monitoring data, Morgan Stanley purchased an additional 143.312 BTC through the spot Bitcoin ETF MSBT.

As a result, Morgan Stanley’s total Bitcoin holdings increased to 4,784 BTC, valued at approximately $293 million.

The increase in institutional Bitcoin ETF holdings is viewed as an indicator of institutional demand flowing through spot ETFs.

a16z Crypto: Prediction Market Weekly Volume Reaches $14.4 Billion

According to a16z Crypto, total prediction market trading volume reached $14.4 billion last week, setting a fresh record for the third consecutive week.

Open interest rose to $1.6 billion. The pace of new position creation outstripped liquidations, suggesting greater capital exposure in the market.

Growth in non-sports categories also stood out. Combined non-sports trading volume on Kalshi and Polymarket, including macroeconomic themes and major events, reached $3.6 billion.

Animoca Brands Makes Strategic Investment in Stablecoin Payments Infrastructure Firm AllScale

According to Odaily, Animoca Brands has made a strategic investment in stablecoin payment infrastructure company AllScale. The investment amount was not disclosed.

Animoca Brands said it is considering applying AllScale’s stablecoin payment solutions across more than 600 portfolio companies and plans to build autonomous payment infrastructure for AI agents.

Cantor Equity Partners I Delays Shareholder Vote on Merger With Adam Back’s Bitcoin Treasury Firm

According to The Block, Cantor Equity Partners I has postponed the shareholder vote related to its merger with Adam Back-led Bitcoin Standard Treasury Company.

The vote is now expected to take place on July 2. The delay suggests the transaction is progressing more slowly than originally planned, while the market watches the integration process and the potential for future restructuring.

CZ: Difficult to Attribute Crypto Market Slump in H1 2026 to a Single Cause

In an interview, CZ said the sharp decline in the crypto market during the first half of 2026 cannot be explained by a single factor.

He said the roughly 50% correction reflected a combination of geopolitical tensions, capital rotation from crypto into artificial intelligence (AI), and the traditional four-year market cycle. Bitcoin has fallen from around $126,000 last year to about $60,000 currently.

CZ said short-term price pressure may persist, but long-term growth in the crypto industry should continue as global demand for digital transactions and fintech expands. He also said the development of prediction markets could contribute to price discovery and improved liquidity.

On regulation, he said the U.S. may move forward this year with legislation including a digital asset market clarity bill. However, he described such policy changes as tactical adjustments that would not alter the industry’s long-term growth trajectory.

Wu Blockchain: Sophon to Migrate to Base, Berachain to Fork Excluding BGT

According to Wu Blockchain, Sophon will migrate to Base, while Berachain will carry out a fork excluding BGT.

Synthetix is expected to phase out sUSD, and x402’s daily transaction volume has approached 500,000. The update focused on network migrations, token structure changes, and rising trading activity across major projects.

Brian Armstrong: Coinbase AI Usage Surges While Costs Are Nearly Halved

According to Odaily, Coinbase CEO Brian Armstrong said on X that internal AI usage is rising rapidly, but system design improvements are keeping costs under control.

Armstrong cited several cost-saving methods, including the use of low-cost open-source base models, automatic routing based on task type and cache hit rates, cache optimization, context trimming to reduce unnecessary token usage, and usage visualization.

He said the goal is not to suppress AI usage but to build infrastructure capable of handling exponential growth, adding that while token usage continues to rise, overall AI spending has been reduced to nearly half.

Jeremy Grantham: Bitcoin and the Crypto Industry Will Quietly Fade Away

Billionaire investor Jeremy Grantham said in a CNBC interview that Bitcoin and the broader crypto industry lack long-term value and will ultimately “quietly fade away” rather than collapse dramatically.

According to Odaily, the GMO co-founder described crypto assets as “useless” and a purely speculative vehicle, while also questioning their reliability as a store of value.

He said crypto assets are not widely used for important transactions or everyday payments, though he added that blockchain-based technology may still have transformative potential. Investor Mark Cuban had previously also said Bitcoin had failed to serve as an ideal hedge.

Gate Launches CAP USDT-Margined Perpetual Contract Trading

Gate has launched CAP USDT-margined perpetual contract trading, according to Odaily.

With the listing, users can access 1x to 20x leverage on CAP perpetual contracts.