mNAV metric for ETH treasury companies fell under 1.0, signaling weakening demand for the company shares

ETH treasuries are growing to record levels, with almost daily aggressive buying. However, the shares of ETH treasury companies often trade below their net asset ￰0￱ treasuries remain one of the strongest narratives, with almost daily buying from some of the top ￰1￱ strong performance of ETH in August accelerated treasury buying, with the biggest purchases coming from BitMine (BMNR) and SharpLink Gaming (SBET). Despite the hype around treasury companies, most of the leading entities are trading under their net asset ￰2￱ mNAV metric attempts to gauge the relationship between the public stock price and the underlying ￰3￱ mNAV metric for ETH treasury companies fell in August, after a short period of exuberance. |), treasury companies often traded at a higher ￰4￱ stock premium was mostly due to exuberance and the promise of more purchases as the stock ￰5￱ time around, some view the low mNAV on ETH treasuries as a bargain. $SBET -Mnav 0.88 is a steal -ETH might go down more but this is too attractive -Management has stated that they are not dilutive ATM at mnav -Nothing has changed other than price why bearish then Stay convicted! ￰6￱ — WhitePine (@WhitePine009) September 5, 2025 However, unlike ETFs, treasury companies have no obligation to reimburse holders or use their ETH as ￰7￱ believe the lower share price may be a trap for investors expecting robust exposure to ￰8￱ is currently no consensus on whether the falling mNAV metrics are a sign of a downward spiral for ETH companies or a short-term market ￰9￱ treasury stockholders face greater risks The buyers of ETH treasury stocks may be facing even greater risks compared to holding an ETF or outright buying ￰10￱ on Messari analysis, buyers may be exposed to share dilution, company-specific operating expenses, financing risk due to increased regulations of offerings, and governance ￰11￱ accrued ETH treasuries are under no constraints for the type of custody and ￰12￱ leading buyers are also using ETH for staking and liquid staking, exposing the treasury to technical risk.

A share price below mNAV has affected SBET with a ratio of 0.86%. The Ether Machine has the lowest mNAV ratio of 0.07%. ETHZilla Corporation stands at 0.78 ￰13￱ still reports a 1.05% ratio, though updated information may push the metric under ￰14￱ stabilized around $4,300, with significant daily whale moves and treasury ￰15￱ token is still seen as potentially bullish, with more tokens locked for staking and dwindling reserves on ￰16￱ treasury companies faced a worse mNAV ratio in August Messari Crypto noted most of the ETH companies sank under a ratio of 1 in August, despite the ETH ￰17￱ recent values will stress-test the buying strategy, which depends on a slight premium and bullish exuberance to ￰18￱ now, treasury companies show no signs of stopping their buying spree, despite the weakening stock prices.

Additionally, some treasuries have been acquired previously and do not depend on public stock ￰19￱ is also no consensus on how the treasuries would be used or staked, and how the passive income would be distributed. A total of 71 companies have announced ETH ￰20￱ cut-off for a treasury company is just 100 ETH, as in the case of Coinage ￰21￱ companies like Yungfeng Financial managed to boost their stock price with just 10K ETH, though sitting at an extremely low mNAV ￰22￱ is still no standard on the size of ETH purchases, which can translate into a meaningful boost to the stock ￰23￱ up to Bybit and start trading with $30,050 in welcome gifts