Digital asset treasury companies are facing a crisis as their market-to-net asset value (mNAV) ratios decline amid Ethereum’s volatility. Companies such as BitMine and SharpLink Gaming have seen their mNAV drop below 1.0, posing challenges in raising funds.
Investors are hesitant to pay premiums for ETH exposure, stalling capital raises for key firms. Analysts warn that continued erosion of mNAV may force painful share dilution. A strong Q4 could provide relief if ETH prices rebound.
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