In brief Digital asset treasury companies face shrinking market-to-net asset value (mNAV) ratios. BitMine and SharpLink Gaming have seen their mNAV fall below 1.0, to 0.99 and 0.89 respectively. The mNAV erosion threatens DATs’ ability to raise capital through at-the-market equity programs, forcing painful share dilution and stalling capital raises, analysts said. As Ethereum claws...
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