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 #ETH  Strategicethreserve: With the drop in the price of ETH, the mNAV of three Ethereum treasuries (SharpLink, The Ether Machine, and ETHZilla) has fallen below 1 (Bitmine remains above 1). This indicates that the market value of the companies has become less than the value of their ETH holdings, making it unprofitable to issue new shares to buy ETH and reducing the incentive to accumulate cryptocurrency reserves. This could increase the pressure on the price of ETH, as companies might start selling their ETH to repurchase their own shares.