According to @caprioleio, many crypto treasury companies trading below market NAV (mNAV) face three choices: sell underlying assets, get acquired, or increase leverage to boost yield (source: @caprioleio on X, Oct 27, 2025). He states that selling underlying assets is negative for both the related coin and the operating business, highlighting direct downside risk to token prices when sales occur (source: @caprioleio on X, Oct 27, 2025). He also warns that incentives are aligned for leverage growth across the sector, and he expects more cases of firms levering up to stand out on yield (source: @caprioleio on X, Oct 27, 2025). For trading, this concentrates near-term catalysts around forced asset sales, M&A repricing, and leverage-driven yield strategies for tokens tied to such treasuries, as indicated by his assessment (source: @caprioleio on X, Oct 27, 2025).