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Data: There are only 4 DAT companies with mNAV not breaking 1, and Strategy's floating profit has dropped to 12%

Nov 21, 2025 17:28:19

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According to data from Blockworks, currently only 4 cryptocurrency treasury (DAT) companies have a net asset value (mNAV) that has not fallen below 1, including one SOL treasury company (SOLAI Limited), one BONK treasury company (Bonk Inc.), and two ETH treasury companies (Bit Digital and GameSquare Holdings). In addition, the mNAV of the two major treasury companies, Strategy and BitMine, has dropped to 0.87 and 0.73, respectively.

According to data from the on-chain analysis platform Lookonchain (@lookonchain), as the market declines, Strategy has purchased 649,870 bitcoins (worth $54.52 billion) at an average price of $74,433, with an unrealized profit of $6.15 billion (+12.72%). Bitmine has purchased 3,559,879 ethers (worth $9.75 billion) at an average price of approximately $4,010, with an unrealized loss of $4.52 billion (-31.67%).

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