Actions of companies such as Kindlymd have fallen 88% in the last week.
Tokenizing the actions can be a solution for companies, says specialist.
Bitcoin (BTC), Ether (ETH), cryptocurrency of Ethereum and Solana (Sol) are part of the corporate treasury, but the MNAV metric reveals challenges for the companies that invested in these digital assets.
In the last three months, Companies that diversified their treasury in these three assets face a complex scenario. The financial market value metric (MNAV), which compares business value with cryptocurrency holdings, exposes the fragility of these strategies.
A MNAV greater than 1 allows to issue actions to accumulate more digital active; Below, this capacity fades.
In the following graph you can see that the MNAV-ETH-SOL lines fell from 5-6 to almost 1 values, and even below, at the beginning of September. This convergence It reflects that companies with treasury in ETH and Sol can no longer issue shares with significant premiumsbraking its expansion.
In contrast, the MNAV-BTC line remained stable above 1.3, suggesting that Bitcoin treasures faced less volatility and retained greater capacity to issue actions.
Kindlymd, a critical case
The impact is not limited to numbers. Kindlymd, a medical care company in Nasdaq, He saw his shares collapse 88% in the last month After announcing a program to raise 5,000 million dollars and acquire 5,765 BTC, with the goal of reaching 1 million BTC long -term, as reported by cryptootics.
David Bailey, company leader, pointed out: “The conviction matters at this time. The fall of shares allows purchases at low prices, consolidating a base of aligned shareholders.” However, last week, with a high negotiation volume, the company still adjusts its capitalization.
The Decentralized Finance Specialist (defi) known as Ignas Defi, proposes a solution: Tokenize actions to attract cryptocurrency investors.
“This would generate more volume and speculation, in addition to activity in the chain,” he said. According to Ignas, the low volatility of treasury in ETH and Sol makes them less attractive, but Tokenization could revitalize them, especially for ethwhich has not yet fully explored options such as debt acquisition.
Ethereum structural advantage
Geoffrey Kendrick, director of Digital Assets Research at Standard Chartered, stands out that ETH treasureries have an advantage due to the backing yields, which raise the MNAV.
“Ethereum is better positioned than Bitcoin or Solana,” he says. However, it warns that market saturation and MNAV fall could force consolidation, especially between BTC treasures. Kendrick underlines three key factors for sustainability: cheap financing, treasury size and stoking yields.
Corporate treasury have influenced the prices of BTC, ETH and Sun in 2025. Bitcoin faces saturation limitations, while Ethereum is consolidated as a strategic commitment to its role in financial innovation. Solana, although risky, offers attractive yields in its growth phase. Kendrick concludes: “Treasury will be more positive for ETH than for BTC or Sun in the future.”