🚨 $ENA DATs just had a 70% week, yet the mNAV is still sitting at only 0.51x. That tells you the move hasn’t really been driven by a valuation rerating. The underlying NAV has been doing the heavy lifting: • Total mNAV: 0.51x • Unlocked mNAV: 1.28x • NAV continues to climb • Market cap is still below the value of the underlying assets Basically, the market is paying around $0.51 for every $1 of NAV. If the NAV keeps growing and the market eventually starts closing that discount, there’s a second leg to the move that doesn’t require the underlying assets to explode. The first move was the market noticing it. The next one could be the market actually repricing it. 👀