Unnoticed DAT surges, why are there still those with mNav less than 1?

In 2025, a group of companies, led by Strategy (MicroStrategy), engaged in a frenzy of public companies buying crypto, and at the time, the market gave them a premium. When a company announced it would buy crypto, its stock price would rise first, then it would use the inflated stock to raise funds and buy more crypto, driving the stock price up again. This cycle ran for mor