According to @caprioleio, 30% of Treasury companies are trading below mNAV and rising, indicating a growing cohort priced at a discount to their referenced mNAV while market prices trend higher (source: Charles Edwards on X, Oct 20, 2025). A market price below NAV denotes a discount relative to the value of underlying holdings, a condition traders watch for relative value and potential discount narrowing in vehicles that report NAV or iNAV equivalents (source: Investopedia, Net Asset Value; source: Morningstar, Understanding Premiums and Discounts). Cross-asset traders also monitor such fixed income discounts alongside yields because bond-market dislocations can affect broader risk sentiment, and crypto has shown increasing comovement with risk assets since 2020 (source: BIS Bulletin No. 53, 2022; source: IMF Global Financial Stability Note, 2022).

According to @adriannewman21, the planned Pokémon internet capital market for tokenized trading cards could disappoint traders because many are assuming sharp on-chain pumps while the underlying physical Pokémon cards already have tangible real-world price benchmarks that may limit reflexive upside and expose mispricing risk (source: @adriannewman21 on X, Sep 3, 2025). He adds that unlike footballdotfun assets that lack comparable real-world benchmarks, tokenized Pokémon cards will likely trade relative to established IRL valuations, implying premiums may compress and basis could converge toward physical prices in the on-chain collectibles market (source: @adriannewman21 on X, Sep 3, 2025). For trading, this view suggests focusing on premium/discount versus physical benchmarks, avoiding blind pump narratives, and prioritizing price discovery across RWA tokenization and NFT market microstructure (source: @adriannewman21 on X, Sep 3, 2025).