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```htmlGolden Globe July 6｜After collectively closing lower last Thursday, U.S. optical communication concept stocks are rebounding in pre-market trading today. Among them, AXT Inc is up over 7%, Nokia, Marvell Technology, Astera Labs, Credo Technology, and Tower Semiconductor are up over 3%, Himax Technologies, Viavi Solutions, Amphenol, Lightwave Logic, GlobalFoundries, Coherent, Fabrinet, and MaxLinear are up over 2%.```

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Foresight News reports, according to The Wall Street Journal, that the custom indicator mNAV created by Strategy to measure its valuation premium relative to its Bitcoin holdings has systemic flaws. The indicator uses the face value of debt and preferred stock rather than their market value when calculating enterprise value, artificially inflating the numerator. For example, on June 26, Strategy’s official mNAV was reported as 0.99; if calculated using market value, it would only be 0.89. As of last Thursday, the official figure was 1.09, while the actual adjusted value was approximately 1.04.Strategy’s stock price has fallen 75% over the past year, and mNAV dropped below 1 last month, marking the halt of its “rolling snowball” model of financing Bitcoin purchases with premium-priced shares. Previously, the company’s board authorized the sale of up to $1.25 billion worth of Bitcoin to buy back shares and pay interest as well as preferred stock dividends. The article points out that Strategy holds 4% of the global Bitcoin supply, and large-scale sales would further suppress Bitcoin prices. The company estimates that its current $2.55 billion cash reserves can support interest and dividend payments for about 17 months, but if mNAV remains below 1, it may ultimately have to draw on its Bitcoin reserves.