Apparently, most of those Ethereum treasure chests are just shiny, pretty things-they’re sitting there below mNAV, like a bunch of sad puppies wearing sunglasses. The latest wipeout didn’t help, but that didn’t stop the corporate crowd from pretending they’re rolling in gold. Spoiler: not so much. 😅
Ethereum’s Corporate Bloodbath: Not As Glamorous As It Sounds
On X (yeah, still calling it that), Charles Edwards-Capriole Investments’ big cheese-gave us the tea on Ethereum treasury companies. Basically, these firms are like that one friend who invests in crypto and then complains about their portfolio over brunch. They’re public companies, but instead of stocks, they’re stacking Ethereum and Bitcoin like they’re going out of style. Because, you know, that always works.
Michael Saylor was the OG in this game, turning MicroStrategy into the crown jewel of crypto hoarding, with a cool $47.54 billion tucked away just in BTC. Now ETH is sneaking behind, trying to get some of that sweet, sweet digital stash. Everyone loves a good comeback, right? Or at least pretending they do.
This summer, ETH treasuries went whooshing to the top of everyone’s watchlist, but since then, the growth rate’s done a slow fade, like that trend you swear you’ll jump on but never quite get around to. Edwards shared the chart below, showing us that they’re still buying, even if it’s with the enthusiasm of a Monday morning.
So, even after the crypto equivalent of a bad breakup with ETFs, these companies are still accumulating ETH. It’s like holding onto that ex who keeps ghosting you-you just can’t quit them. But here’s the kicker: many of these firms are kind of a mess. Their mNAV (Multiple of Net Asset Value-fancy, huh?) is less than 1 in more than 64% of cases. That’s like owning a Ferrari but realizing it’s parked on a bunch of junk-you’re overestimating the value of what you have. 🚗💸
Basically, mNAV compares what a firm is worth in the market versus what its reserves are really worth. If it’s less than 1, then the company’s valuation is “kind of a shaky deck of cards.” And trust Edwards, that’s more the case with ETH firms than Bitcoin-sorry, not sorry, ETH fans.
Are these companies freaking out and dumping ETH? Nope. Despite the pressure, most are still netbuyers. Although, the buy-sell ratio is starting to wobble a bit, especially as prices tumble. The crypto diet seems to be kicking in: less buying, more… well, less of everything.
Bottom line? The Ethereum treasury show is turning into a soap opera-lots of buying, some uncertainty, a sprinkle of gloom, and prices bouncing back from $3,000 to $3,200 faster than your Wi-Fi connection during a Netflix binge. So, what’s next? Armchair economist or just some well-timed meme material? You decide. 🍿
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2025-11-18 01:34