2026-01-20 01:24:49

A batch of small and medium-sized institutions that shifted to the treasury track during last year's DAT boom are now in an awkward situation. Due to the widening discount of stock prices relative to net assets, many companies are forced to start reducing their holdings.

Ethereum treasury company FG Nexus is a typical example. The company actively deployed from August to September last year, purchasing a total of 50,770 Ethereum at an average price of $3,944, with an on-paper value of $200 million. But since then, Ethereum has been on a downward trend. To cope with market pressure, they began gradually reducing their holdings. As of today, they have sold 13,475 Ethereum at an average price of $3,089, incurring an on-paper loss of $11.52 million.

Currently, FG Nexus still holds 37,594 Ethereum, valued at about $120 million. More notably, their mNAV (Market Net Asset Ratio) has fallen to 0.84, meaning the company's total market value is now below the actual value of its Ethereum assets. This valuation inversion is forcing more and more treasury companies to make difficult choices.

ETH-6,87%

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BrokenDAO

· 17h ago

A typical case of incentive distortion... The initial wave of the treasury boom was due to the failure of rights and interests checks and balances. Institutions chasing highs didn't think clearly about what they were betting on. Now they are forced to cut losses, isn't this the moment when the game equilibrium arrives? The governance inertia from the early stage will ultimately have to be paid back.

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AirdropHunter420

· 17h ago

Sigh, it's another classic show of "buying high and selling low." Another round of bottom-fishing turning into a family-selling story... That's why I never go all-in on a single track. What does valuation inversion indicate? It shows that this wave of the financial boom has already cooled off. Bought at $3944 and now selling at $3089, the loss... is really a bit heartbreaking.

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GhostInTheChain

· 17h ago

Laughing to death, the high-level bagholders are really suffering now --- Another story of "I believe in Ethereum" then losing money and running away --- mNAV dropped to 0.84, this is the legendary "pyramid scheme loss" right --- Last year's treasury boom was truly a harvesting machine, now everyone is selling off each other --- FG Nexus's move this time is a textbook example of "bottom-fishing failure" --- Bought at $3,944, sold at $3,089, just the price difference is over 12 million... how ugly does this ledger look --- It feels like the entire treasury track is trying to save itself, no one is mentioning this anymore --- Reducing holdings is just a euphemism, in reality, it's being forced to cut losses and stop bleeding --- How can anyone still trust the institution's vision, look at their track record --- An mNAV of 0.84 is basically shouting "Come and buy the dip from me"

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ForkLibertarian

· 17h ago

It's another story of a bagholder, buying the dip at $3944 and being forced to cut losses in the end. Old tricks again.

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