Ethereum Institutional Holdings Lead as Bitmine Holds 3.51M ETH Worth $10.63B; mNAVs Fall Below 1 Across Major Treasuries

As of November 18, COINOTAG notes that several flagship crypto treasuries report sub-1 mNAV readings. The featured entities are Strategy (MSTR) at 0.937, Metaplanet at 0.912, Bitmine (BMNR) at 0.83, and SharpLink (SBET) at 0.84, a pattern that emphasizes asset-backed value over market capitalization.

Strategy remains the largest in the sample with a market value near $56 billion and a Bitcoin reserve of 649,870 BTC, valued around $59.9 billion. Metaplanet shows a smaller footprint at about $2.61 billion, holding 30,823 BTC valued near $2.84 billion. In Ethereum assets, Bitmine commands roughly 3.51 million ETH (about $10.63 billion), while SharpLink holds 860,000 ETH (~$2.61 billion). These positions translate to market caps of $8.81 billion for Bitmine and $2.02 billion for SharpLink, with respective mNAVs of 0.83 and 0.84.