During last year's DAT boom, many small companies turned into "treasuries," but today their situation isn't looking good. According to on-chain data monitoring, the mNAV of these projects has already fallen below 1, and many are being forced to sell their tokens.

The latest developments of the Ethereum treasury project Nexus clearly illustrate the situation. Just 4 hours ago, they liquidated 2,500 ETH, cashing out approximately $8.04 million. Looking at their previous records makes it even more heartbreaking — between August and September 2025, Nexus was aggressively accumulating ETH at an average price of $3,944, buying a total of 50,770 ETH with an investment of up to $200 million.

And now? They still hold 37,594 ETH. From over 50,000 down to just over 37,000, this calculation shows that Nexus was clearly forced to sell this time. When the mNAV drops below 1, these treasury projects are like frogs in boiling water — either cut losses and sell or wait to be eliminated.