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NAVigator #2: Is the Treasury Trade Over?
📬 Intro: The End of Easy Premiums Over the past month, mNAVs have compressed across the board. Among the non-BTC treasury companies we track, the blended mNAV average (weighted by crypto holdings value) peaked at 4.3x on July 16, shortly after Bitmine began accumulating ETH. Since then, valuations have declined
