Shares of several crypto-linked microstrategy companies, including ATIF Holdings, Amber International, Lite Strategy, and Hyperion DeFi, plummeted over 10% in the latest trading session, mirroring the significant downturn seen in the 1011 market event. Many of these companies now have a market net asset value (mNAV) below 1, indicating their crypto asset holdings are valued less than their market capitalization. Japan's Metaplanet also fell below this threshold. Notably, Tom Lee commented that the bubble for most microstrategy firms has burst, suggesting his own company, BMNR, is an exception.