๐ฅBREAKING: $ASTER โ CZ confirmed that several ex-Binance employees are part of the team. And YZi Labs (formerly *Binance Labs*) holds a minority stake in the exchange. ๐
Fresh FUD is hitting the market: proxy companies holding large $ETH balances may be forced to sell.
Hereโs why ๐ ๐ป With ETHEREUM price dropping, the mNAV of three Ethereum treasury companies โ SharpLink, The Ether Machine, and ETHZilla โ has fallen below 1. ๐ป Only Bitmine remains above 1, and even doubled down by buying more ETH today.
๐ป For the others, things look grim: โข Their market cap < ETH reserves โข Issuing new shares to buy $ETH is now unprofitable โข Incentives to keep growing crypto reserves are disappearing
๐ Possible outcome: these companies could start selling ETH to buy back their own shares โ adding even more downside pressure on the market.
๐ Will this trigger another $ETH dump, or is the fear overblown?