While Bitcoin (BTC), Ether (ETH), Ethereum and Solana (SOL) cryptocurrencies are part of the Ministry of Corporate Treasury, MNAV metrics reveal the challenges of companies investing in these digital assets.
In the past three months, Companies that diversify the Treasury with these three assets face complex scenarios. Financial Market Value Indicators (MNAVs), which compare business value with cryptocurrency holdings, reveal the vulnerabilities of these strategies.
More than one MNAV can issue actions to accumulate more digital actives. Below, this capacity fades.
In the following graph, we can see that at the beginning of September, the Mnav-eth-Sol line fell from 5-6 to almost 1, and even down. This convergence Companies with ETH and SOL’s Treasury reflect that they are unable to issue stocks at a significant premiumbrakes that expansion.
In contrast, the MNAV-BTC line remains stable above 1.3, suggesting that Bitcoin treasure faces a decline in volatility and is highly capable of issuing actions.
KindlyMD, important cases
The impact is not limited to numbers. KindlyMD, a medical company of Nasdaq, He saw stocks collapsed 88% last month After launching a program that raised $5,000 million and acquired 5,765 BTC, it aimed to reach a long-term of 1 million BTC, as reported in Cryptootics.
Company leader David Bailey said, “The conviction is important at this point. The stock collapse will allow purchases at a low price and consolidate shareholder bases.” However, last week, the company is still adjusting its capitalization.
The Decentralized Financial Specialist (DEFI), known as Ignas Defi, proposes solutions.
“This will generate more volume and speculation in addition to the activity within the chain,” he said. Ignus says that they are not attractive because of the low volatility of the Ministry of Finance in ETH and SOL. Tokenization can activate them, especially for ETHthere are no options that have yet to be fully investigated, such as debt acquisition.
Structural Benefits of Ethereum
Geoffrey Kendrick, director of Digital Assets Research at Standard Chartered, highlights that ETH Finance is advantageous for the support yield that will increase MNAV.
“Ethereum is positioned more than Bitcoin and Solana,” he says. However, it warns that market saturation and MNAV falls could force integration, particularly among the treasures of BTC. Kendrick highlights three key factors of sustainability. Cheap funding, Treasury size, and stalking yields.
The Ministry of Corporate Treasury affected the prices of BTC, ETH and SUN in 2025. Bitcoin faces saturation restrictions, but Ethereum is integrated as a strategic commitment to its role in financial innovation. Solana offers attractive yields during the growth stage, despite high risk. Kendrick concludes that “future Treasury will be more positive with ETH than with future BTC and the Sun.”
