According to @caprioleio, 30% of Treasury companies are trading below mNAV and rising, indicating a growing cohort priced at a discount to their referenced mNAV while market prices trend higher (source: Charles Edwards on X, Oct 20, 2025). A market price below NAV denotes a discount relative to the value of underlying holdings, a condition traders watch for relative value and potential discount narrowing in vehicles that report NAV or iNAV equivalents (source: Investopedia, Net Asset Value; source: Morningstar, Understanding Premiums and Discounts). Cross-asset traders also monitor such fixed income discounts alongside yields because bond-market dislocations can affect broader risk sentiment, and crypto has shown increasing comovement with risk assets since 2020 (source: BIS Bulletin No. 53, 2022; source: IMF Global Financial Stability Note, 2022).

According to @MilkRoadDaily, SBET is trading below mNAV 1, signaling the shares are priced under the market value of the ETH it holds (Source: @MilkRoadDaily, X, Sep 7, 2025). According to @MilkRoadDaily, the existing 1.5 billion share buyback authorization is most powerful in this setup, allowing the company to repurchase stock at a discount to its underlying ETH exposure (Source: @MilkRoadDaily, X, Sep 7, 2025).