Meme stocks dumping on the news that they bought $BTC is not really surprising even if it might be counter-intuitive : Once a company starts adopting a BTC Treasury Strategy, it automatically means that the valuation gets anchored to something "real" instead of a pure memetic value, and this real thing is the BTC stack. When this happens, you can calculate the mNAV premium, which is the ratio of the company valuation over the BTC value (= NAV = net asset value). $DJT mcap is $6.5bn, if they buy $2.5bn worth of BTC, the company trades at 2.6x mNAV. $GME mcap is $14bn, if they hold $4.5bn in cash and $500M in BTC, their mNAV is somewhere around 3 (if we include the cash in the NAV...). One thing to note too is that DJT is raising $1bn through convertible bonds, which usually means that there is selling pressure during the period of pricing of the bond. I wrote a tweet today which stated that the mNAV of $SBET (the Eth version of MSTR) was around 6 at yesterday's close, so the price going down today is very logical too, because 6 is a high multiple.