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Data reveals a majority of the Ethereum treasury companies are trading below mNAV, showcasing the effect of the latest price crash.

Ethereum Treasury Firms Are Looking Unhealthy

In a new thread on X, Capriole Investments founder Charles Edwards has discussed some metrics related to Ethereum treasury companies. A treasury firm refers to a public corporation that has adopted a digital asset like Bitcoin or Ethereum as its reserve strategy.

The idea was popularized by Michael Saylor’s Strategy (formerly MicroStrategy), which pivoted to being a BTC treasury firm back in 2020. Since then, the company has grown into by far the largest corporate digital asset holder, with a whopping $47.54 billion invested.

Earlier, companies were looking at only the number one cryptocurrency as a viable reserve asset, but this year, there has been a rise in holders of ETH, the coin ranked just behind BTC.

The Ethereum treasury frenzy peaked in August, but since then, the growth rate attached to them has witnessed a slowdown, as the chart below shared by Edwards shows.

From the graph, it’s clear that the rate of change for Ethereum treasuries is positive even after the slowdown, suggesting that companies remain in net accumulation. This has meant that, despite the outflows that the spot exchange-traded funds (ETFs) have witnessed recently, institutional buying still remains above the cryptocurrency’s supply growth, although only just.

While corporate accumulation continues, the ETH treasury business model may not be working for a lot of the firms. As the analyst has pointed out, the majority of companies have an mNAV value less than 1.

mNAV, standing for Multiple of Net Asset Value, is a metric that compares the market cap of a treasury firm against the total value of its reserve assets. The indicator being below the 1 mark naturally implies the firm’s valuation is less than its treasury’s worth.

About 64.3% of all Ethereum treasury firms currently fall into this zone. “That means the treasury company picture is a lot more unhealthy for ETH than Bitcoin,” explained Edwards.

Clearly, ETH treasuries are coming under pressure, so are any of them reacting by selling? Data suggests not many, as the net buy/sell ratio related to them still remains strong.

That said, while almost all Ethereum corporate holders are still net buyers, the buy/sell ratio has started to show a decline as the asset’s price has experienced its recent bearish shift.

ETH Price

Ethereum plunged toward $3,000 on Sunday, but the coin has since seen a small jump back to $3,200.

According to comments from longtime researcher and computer scientist Nick Szabo, Bitcoin and other cryptocurrencies are trust-minimized, not trustless, and that difference matters for how states and private actors can push back.

Szabo warned that while the layer one of a strong trust-minimized system can endure many kinds of interference, legal routes remain a meaningful vulnerability.

He said financial rules are one set of risks the ecosystem has learned to handle, helped by developers and an expanding legal profession focused on crypto, but that laws tied to arbitrary data create a much wider and less predictable attack surface.

Trust Minimized Not Trustless

Szabo told readers that the technical design reduces the need to trust single parties, yet it does not eliminate the need for trust entirely.

According to his view, losing the phrase “trustless” and using “trust-minimized” is important because it points to real limits. Developers must keep the protocol informed by careful choices.

Anarcho-capitalism is a wonderfully abstract ideal that can inspire innovation. It helped inspire me to help invent cryptocurrency.

But real-world cryptocurrencies are not trustless — they are trust-minimized. Each cryptocurrency has a legal attack surface, representing the…

— Nick Szabo (@NickSzabo4) November 16, 2025

Lawyers have become part of the defense too, he said, and that legal work has made financial law attacks manageable in many cases.

The claim is not that Bitcoin is fragile; it is that the threats are not only technical — they are real, legal, and those threats change with new laws and court decisions.

Regulators Face Practical Limits

Not everyone agrees. One critic, Chris Seedor, who runs a Bitcoin seed storage company called Seedor, pushed back and called some legal fears “boogeymen.”

Based on reports of his remarks, Seedor argued that states can try to use law to stop tools and protocols, but history shows limits.

Respectfully, I think you’re giving too much weight to speculative legal boogeymen.

Bitcoin’s resilience was never about predicting every possible domain of law – it was about minimizing technical points where coercion can bite. If regulators could shut down general-purpose data…

— Coinjoined Chris (@coinjoined) November 16, 2025

He pointed to PGP and Tor as two technologies that have been unpopular with some regulators yet remain available. His point: when code lacks central points of control, courts and agencies have less practical leverage to fully shut it down.

Arguments From Different Angles

The debate is partly about emphasis. Szabo focuses on open legal questions and new kinds of laws that could be used to target content or arbitrary data placed on-chain. Seedor highlights how technical design can remove the lever points that make enforcement easy.

Both are talking about the same problem from different directions: one looks at the legal map and sees many untested routes; the other looks at past enforcement and sees that states rarely win against widely distributed protocols.

Featured image from Yagi Studio/Flavio Coelho/Getty Images, chart from TradingView

A new projection shared by X Finance Bull on the social media platform X has added new momentum to one of the boldest claims in the XRP community: the idea that XRP could eventually overtake Bitcoin. 

His post frames the current moment as the setup for the most explosive move of the decade for the altcoin. The chart he shared outlines a sequence of developments, from institutional adoption to major financial events in the US, that gradually lift the price of the altcoin higher until it reaches the point where it could challenge Bitcoin’s position as the number one cryptocurrency.

Institutional Adoption, XRP Spot ETF Approval, Trump’s $20 Trillion Market Expansion

X Finance Bull’s outlook does not pin XRP to a specific price level, but it lays out a roadmap for how its value could climb as a series of events unfold. In his view, the move starts once financial institutions begin announcing that they are using the Ledger, creating the first noticeable lift in XRP’s trajectory as more real-world activity settles on the network.

The next phase in the projection shows the asset entering a sharper rally once XRP Spot ETFs are approved. At that point, the chart suggests a burst of momentum as regulated products open the door for larger sums of capital to enter the market.

After this comes an even bigger inflection point: President Donald Trump’s proposed $20 trillion investment into new financial markets. In the projection, that level of capital deployment pushes the altcoin much higher, ushering in a stage where “trillions start to flow” and the curve steepens dramatically. The final catalyst is described as the moment Bitcoin maxis begin rotating into XRP, completing the sequence.

Taken together, these stages: institutional adoption of the Ledger, Spot ETF approval, massive US market investment, and a wave of capital shifting from Bitcoin, form the backbone of the analyst’s argument that the altcoin could rise to the point where it flips Bitcoin and becomes the market’s leading crypto asset.

The $20 Trillion Blueprint Behind The Predicted Surge

In another post, the analyst explained what he believes Trump’s $20 trillion investment is really pointing toward. He said Trump’s promise to “build something unbelievable” is part of a new financial system built on tokenized money and real-time settlement rails, which is why Congress is suddenly fast-tracking crypto and stablecoin legislation.

According to the analyst, the asset suited for this system must be American-made, already in discussions with US lawmakers, connected to major institutions, backed by escrow, and capable of handling massive liquidity. His conclusion is that the asset with these characteristics is not Bitcoin; it is XRP.

Based on this blueprint, the analyst claims that a $20 trillion injection would not send the token to $5 or even $10, but to $357. At the time of writing, the token is trading at $2.28. The first US-based spot XRP ETF has already gone live, and early inflow numbers are encouraging.

Peter Schiff, a long-time gold investor and vocal critic of Bitcoin, on Sunday called Strategy Inc.’s Bitcoin-only approach “a fraud” and publicly challenged Michael Saylor to a live debate at Binance Blockchain Week in Dubai this December.

Schiff said the firm’s recent profits are mostly tied to the market price of Bitcoin and warned that the company’s financial structure could fail if investor sentiment turns.

Schiff’s Core Charge

According to Schiff, Strategy’s reported gains are largely unrealized and the company’s financing plan is risky.

He openly slammed the company, saying, “MSTR’s whole business approach is a fraud. No matter how Bitcoin performs, I expect MSTR to eventually face bankruptcy.”

MSTR’s entire business model is a fraud. Saylor and I will both be speaking at Binance Blockchain Week in Dubai in early December. I challenge @saylor to debate this proposition with me. Regardless of what happens to Bitcoin, I believe $MSTR will eventually go bankrupt. Let’s go!

— Peter Schiff (@PeterSchiff) November 16, 2025

He pointed to the company’s third-quarter results — net income of $2.8 billion and diluted EPS of $8.42 — as examples of earnings that, he says, come from mark-to-market increases in Bitcoin rather than steady business operations.

Schiff said that preferred shares marketed as high-yield may never produce the promised returns and that this could trigger heavy selling by yield funds.

Strategy’s own report shows it held about 640,808 BTC as of late October, at a total cost around $47.44 billion and an implied cost per coin near $74,032.

MSTR’s business model relies on income-oriented funds buying its “high-yield” preferred shares. But those published yields will never actually be paid. Once fund managers realize this they’ll dump the preferreds & $MSTR won’t be able to issue any more, setting off a death spiral.

— Peter Schiff (@PeterSchiff) November 16, 2025

The company reported a 26% BTC Yield for the year-to-date and said it had realized close to $13 billion in BTC gains in 2025 so far.

Those figures help explain why the firm posted strong accounting profits even while its core software business generates modest revenue.

Debate Call Draws Attention

The challenge from Schiff is timed to overlap with Saylor’s speaking schedule at the Dubai conference, turning what might have been routine appearances into a potential public showdown.

Market watchers say a debate would be watched closely by investors, regulators and other corporate issuers who have been weighing Bitcoin exposure.

Some analysts say the strategy, while risky, gives investors a way to gain leveraged exposure to Bitcoin through a public company.

Others agree with Schiff that the accounting treatment and financing choices expose shareholders to sudden shifts.

Saylor and Strategy did not immediately accept or decline the debate invitation in public comments.

Featured image from Unsplash, chart from TradingView

Трамп на праздничной церемонии 4 июля подписал «один большой и красивый законопроект», который увеличивает лимит по долгу на 5 трлн. 

Одно из центральных предвыборных обещаний Трампа – это борьба с дефицитом бюджета и снижение остроты проблемы с госдолгом, но борьба с дефицитом выглядит так, что дефицита станет намного больше, как и госдолга.

По моим расчетам этот лимит выберут уже в середине 2027 (с июл.25 по июн.26 могут разместить до 3 трлн, а оставшиеся 2 трлн оформят к середине 2027), т.е. до окончания срока правления Трампа этого лимита точно не хватит при условии, что до конца срока он дотянет.

Однако, в отличие от диспозиции до 2025 года, у США были нерезиденты и ФРС, как ключевые покупатели госдолга (два места из ТОП-3 среди главных покупателей), но враждебная политика Трампа к ключевым инвесторам делает эту поддержку крайне нестабильной (как бы оттока не было), а QE от ФРС, который ранее включался по первому требованию теперь «законопачен»  чуть менее, чем полностью. Ну и как они собираются размещать триллионы долларов в ближайшие месяцы? Безумцы.

Стоит отметить, что в аппаратных разборках Трамп оказался силен, это вторая крупная победа Трампа в политических разборках. 

Недавно он сломал судебную ветвь власти в США, узурпировав контроль над бешеным принтером исполнительных указов, а теперь ему удалось в назначенный им символический день 4 июля продавить законопроект с минимальными изменениями, подмяв под себя Палату представителей и Сенат.

Сам факт того, что в политическом истеблишменте тотально доминирует такой крендель и шарлатан, как Трамп говорит о том, что политическая система в США тотально прогнила, как со стороны демократов (и в первую очередь среди демократических девиантов и деградантов), так и со стороны республиканцев. 

Система мертва, по крайней мере, верхний эшелон, федеральная власть лежит на земле, нужно просто нагнуться и поднять. 

В законопроекте не оказалась скандального раздела по налогообложению иностранных инвесторов, которые Трампу покажутся недружественными, но в финальной версии минимальное количество изменений от исходной заявленной позиции.

Сам Трамп не читал законопроект (почти 900 страниц), т.к. Трамп не читает больше одной страницы, а в редких исключениях – целых две страницы. Трамп курировал лишь генеральное направление, общие принципы которого помещаются как раз на страницу, но я проанализирую в ближайшее время все 900 страниц для поиска нюансов и деталей (интерпретациям СМИ не доверяю по этому аспекту из-за ангажированности, сделаю все самостоятельно).

У Трампа было два выступления за последние два дня (церемония в Белом доме 4 июля и бахвальство в штате Айова 3 июля).

Обычно у Трампа на публичных выступлениях капитально сносит крышу от самолюбования, нарциссизма и феерической бравады, доходящей до гротескного абсурда, но в этот раз он превзошел сам себя.

Вероятно, в истории США, да и в мировой истории, не было более яркого оратора на таком уровне (точнее балабола, трештолкера), чем Трамп, но это даже забавно. 

Если отключить мозг, все выступления Трампа прекрасны – яркие, артистичные, насыщенные юмором, троллингом, оскорблениями оппонентов, гиперболами, метафорами и гротескным идиотизмом. Все, что так любит публика. 

Другими словами, чем менее интеллектуальна публика (видно по тупым физиономиям аудитории за заднем плане), тем больше заходит Трамп – ярко, насыщенно, феерично, но также глупо и бессмысленно.

Чего только стоят заявления о 15 трлн привлеченных инвестициях нерезидентов с февраля и 5.1 трлн прекрасных сделок на Ближнем Востоке, которые были подписаны несколько месяцев назад (реально нужно делить минимум в 100 раз).

Мне (Трампу) сказали: «Сэр, вы войдёте в историю как один из величайших президентов». Я говорю: «Серьёзно? Ну нет, правда что ли?» Да, сэр, лучше Вашингтона. Да, сэр, лучше честного Эйба Линкольна. Да, сэр, лучше всех. Я говорю: «Мне нравится этот парень, кто это сказал? Он сейчас на подходе к... У него скоро будет... Я его повышу в должности, у него будет очень большое повышение, конечно».

В этом весь Трамп