Chain News Daily Official TheBitTimes.com

As the bitcoin (BTC) treasury company mania has deflated from its May 12 peak, altcoin treasury stocks suffered even worse. Already, the largest Solana (SOL) treasury company has fallen below the sacrosanct 1X multiple-to-net asset value or “mNAV.” In other words, investors are willing to pay less for shares of the company than the value of that company’s SOL holdings. Upexi, as of publication time, has a market capitalization of $330 million. The company holds 1.9 million SOL worth over $353 million, valuing it at a sad, 0.94X mNAV . For context, Michael Saylor’s market leader of treasury companies, MicroStrategy, trades at a 1.61x mNAV. Upexi’s slip is a dramatic retracement of its lofty valuation when the company debuted its Solana acquisition plans. On April 21 — the same week that Tether and Bitfinex ignited crypto treasury mania with the launch of Twenty One — executives first announced their Solana treasury. Shares opened for trading ...

mNAV speculation in public markets is back . Coined as a colloquial oversimplification in crypto lingo, mNAV means multiple-to-net asset value or the ratio of market capitalization to the crypto assets held by a public company. However, as with most parlance from the nascent crypto sector, the acronym is a misnomer. Unlike trusts, public companies do not have “net assets,” a controlled term, nor is there any right of common shareholders to redeem shares for any assets. Even MicroStrategy, the largest company trading at a positive mNAV, explicitly tells its shareholders that its stock (MSTR) doesn’t confer any ownership interest in the bitcoin (BTC) the company holds. At some point people will stop valuing $MSTR based upon their mNAV or Bitcoin yield, and start valuing it based on the fact that it will be single largest holder of Bitcoin for the rest of human history. Bullish. — Michael R. Sullivan (@SullyMichaelvan) April 30, 2025 An investor invents justifica...