Major Crypto Treasuries Face Valuation Stress, mNAV Falls Below 1

On November 18, 2025, BlockBeats News reported that the market value-to-crypto holdings value ratios for major crypto treasury companies fell below 1, highlighting investor concerns.

This drop challenges the “crypto-equity” thesis, potentially leading to asset sales or restructuring efforts amid stressed market conditions.

mNAV Declines to Record Lows for Crypto Treasuries

Key crypto treasuries experienced a valuation shift. This adjustment saw leading firms including Strategy, Metaplanet, and Bitmine witnessing their mNAV ratios drop below 1. The event signaled a broader stress on the “crypto-equity” thesis, compelling a reassessment of asset management strategies.

Immediate implications involve evaluating asset sales and debt restructuring. As market values dwindle below crypto reserves, firms might be pressured to consider asset sales or redefine debt obligations. This necessity arises amid challenging market conditions and suboptimal financial valuations.

Market reactions include heightened scrutiny and caution. Analysts and investors express concern about potential forced asset liquidations. Despite the significant financial shifts, notable industry leaders have yet to address the valuation changes directly, leaving stakeholders to speculate on strategic alternatives.

“Strategy’s debt is largely in convertible preferred notes, and the company is not pressured to sell Bitcoin even if equity value drops, unless stock price/bond conversion thresholds are breached.” — Michael Saylor, Founder and Chairman, Strategy (MSTR)

Bitcoin Price Context and Expert Recommendations

Did you know? In a reflection of market volatility, instances of treasury mNAV dipping below 1 this comprehensively are rare, highlighting increased vulnerability in the crypto sector.

Bitcoin’s price on November 18, 2025, stood at $91,776.04. The market cap reached $1.83 trillion, with a 24-hour trading volume at $93.42 billion, according to CoinMarketCap. Recent price changes showed declines of 3.17% over 24 hours and 13.20% over seven days, marking a descending trend.

Expert analysis indicates the need for strategic reevaluation. The Coincu research team highlights potential regulatory scrutiny and technological innovations as crucial factors for future market stabilization. Historical data suggests a cautious approach and strong financial governance as pathways to navigating uncertain terrains.