Data from Strategic ETH Reserve shows that as ETH prices decline, the mNAV indicators of three Ethereum treasury companies, SharpLink, The Ether Machine, and ETHZilla, have all fallen below 1, currently reaching 0.99, 0.07, and 0.88, respectively. These companies hold 838,730, 495,360, and 102,240 ETH, respectively. mNAV, the ratio of market capitalization to net asset value, is a key metric for measuring treasury company valuations. If mNAV is greater than 1, the company can issue additional shares at a premium and use the proceeds to purchase ETH, thereby increasing its per-share ETH holdings and increasing its book value. If mNAV converges to 1 or below, the price of ETH itself will decline, and the secondary market will weaken, shifting the flywheel mechanism from "enhancement" to "dilution," creating a negative feedback loop.