The mNAV of SharpLink, ETHZilla, and The Ether Machine under Ethereum Treasury has all fallen below 1.

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Odaily Strategic ETH Reserve data shows that as the price of ETH lowered, the mNAV indicators of SharpLink, The Ether Machine and ETHZilla have all fallen below 1 and are currently touching 0.99, 0.07 and 0.88 respectively, with ETH holdings of 838,730, 495,360 and 102,240 respectively. The ratio of market capitalization to net asset value (mNAV) is a key indicator of the valuation of a treasury company, and if the mNAV is greater than 1, the company can issue additional financing within the premium range and use the proceeds to purchase ETH, thereby increasing the ETH position per share and thickening the book. If it converges to 1 or below, the price of ETH will decline and the secondary market will be weak, and the flywheel mechanism will shift from "thickening" to "dilution" to form a negative feedback.

ETH-0.26%
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