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Ethereum Treasuries Ethereum Treasury Companies Premium Discount to NAV

Ethereum

Each Ethereum treasury company's premium or discount to NAV — the gap between its market capitalization and the market value of the ETH it holds.

Why it matters

It measures the speculative appetite for Ethereum exposure wrapped in equity — not the value of the asset itself.

How it is built

For each company, market capitalization is compared to NAV (holdings times price); the deviation from parity is shown per company.

What to watch

At a premium, a company can issue shares and buy more ETH accretively — the flywheel that powers the model. At a discount the flywheel breaks: the stock becomes a cheaper claim on the coins than the coins themselves, pressuring the strategy toward dilution stops, buybacks or sales.

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