Treasury Strategy

Strategy’s enterprise mNAV has slipped below 1, a milestone that suggests the market is now valuing the company at less than the bitcoin it holds. The shift raises fresh questions about how investors assess the firm’s leverage, treasury strategy, and future financing flexibility.

The Ethereum Foundation is eliminating 54 positions, or about 20% of its workforce, after months of restructuring tied to a new mandate and treasury strategy. The move follows senior leadership departures and comes as ETH-backed initiatives push Ethereum development in new directions.