The latest turbulence in crypto markets has put pressure on companies holding large digital asset positions, but not every treasury is feeling the squeeze equally.
Analysts say Ethereum-focused firms may be in the strongest position, even as others show signs of strain.
According to Geoffrey Kendrick of Standard Chartered, the key number to watch is market net asset value, or mNAV. A reading above 1 suggests treasuries have the flexibility to keep adding to their reserves. Below that, however, the balance sheet weakens, making expansion far more difficult. Recent declines have pulled several treasuries into dangerous territory, raising the risk of consolidation.
Yet Ethereum vehicles appear to have a unique buffer. Because staked ETH generates yield, it can directly improve a firm’s mNAV over time. Strategist Tom Lee has calculated that staking alone could add 0.6 points to Ethereum-focused treasuries, providing a natural tailwind that Bitcoin and Solana do not offer. This advantage could help explain why ETH treasuries are expected to keep accumulating even as others pause.
The bigger question is what this means for markets. DATs currently hold about 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana in circulation. If Bitcoin treasuries are forced to consolidate, that could mean fewer net purchases and more rotation of existing holdings. Ethereum treasuries, by contrast, may continue building, giving ETH a stronger bid relative to peers.
For investors, the spotlight is now on the largest corporate players in this niche corner of crypto. Bitmine, SharpLink, and The Ether Machine have become bellwethers for how sustainable digital asset treasuries really are. With valuations slipping and mNAVs under pressure, the coming months could reveal which firms are built to last and which will struggle to survive.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/crypto-treasuries-struggle-as-market-values-slide/
