LIVE MARKETS-When crypto prices tumbled, what of the corporate hoarders?
The recent decline in cryptocurrency prices has impacted companies that hold significant amounts of crypto, such as Strategy and Bitmine. The mNAV metric, which measures a company's enterprise value relative to its crypto holdings, has gained attention. Strategy's CEO mentioned the possibility of selling bitcoin if the mNAV ratio drops below 1. Strategy's shares fell over 34% last month, while Bitmine's shares dropped more than 76% from their 2025 highs. Other companies with notable crypto holdings include MARA, Metaplanet, Sharplink Gaming, and Forward Industries.
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WHEN CRYPTO PRICES TUMBLED, WHAT OF THE CORPORATE HOARDERS? The recent pullback in shares of companies that hoard major cryptocurrencies like bitcoin has brought into focus a crucial metric which measures a company’s value against the lump sum total of its crypto holdings. Strategy (MSTR.O) , which pioneered corporate bitcoin hoarding has spawned dozens of copycats which have even diversified to other tokens like ether (ETH=) .
None however, have been spared amid the broader crypto market turbulence.
“Great strategy from Strategy, while prices go up. When they go down, well, the strategic options left to the company are limited,” said Vincenzo Vedda, chief investment officer at DWS in a note. The “mNAV” metric, which is a company’s enterprise value relative to its crypto holdings, has garnered attention lately after Strategy CEO Phong Le’s remarks on the “What Bitcoin Did” podcast on Friday, where Le said the company may consider selling some bitcoin (BTC=) if the ratio drops below 1.
While bitcoin itself has dropped about 27% from its October highs, Strategy shed more than 34% last month. Shares in Bitmine (BMNR.A) , the largest corporate holder of ether, have fallen more than 76% from their 2025 highs, having spiked earlier this year when the company announced its stockpiling plans. Here’s at look what the mNAV stands at for some of the biggest crypto hoarding companies, as per Reuters calculations:
Company Name Enterprise Value Crypto mNAV
holdings
Strategy (bitcoin) $63,164,125,253. $56,199,903,50 1.12
7 0
Bitmine (ether $10,602,923,797. $10,423,408,01 1.02
+BTC) 6 9
MARA (BTC) $7,144,806,746.6 $4,569,484,462 1.56
Metaplanet (BTC) $2,643,185,815.1 $2,664,999,424 0.99
Sharplink Gaming $1,850,418,923.6 $2,405,172,605 0.77
(ETH)
Forward Industries $683,843,234.9 $877,503,925 0.78
(SOL)
(Shashwat Chauhan)
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