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Wu Shuo learned that, according to @EmberCN monitoring, some small companies that transformed into "treasuries" during last year's DAT boom have seen their mNAV fall below 1, facing selling pressure. Ethereum treasury company @FGNexusio sold 2,500 ETH about 4 hours ago, approximately $8.04 million. Previously, FG Nexus had reserved 50,770 ETH (about $200 million) at an average price of $3,944 between August and September 2025; they currently still hold 37,594 ETH (about $120 million), with an mNAV of approximately 0.84.