The aggregate mNAV (Enterprise Value) for crypto treasury companies, particularly those holding ETH and SOL, has shown a significant downward trend since mid-July, indicating a potential overvaluation correction or decreasing investor confidence. Companies with HYPE in their treasuries have seen their mNAV drop below 0.6, suggesting substantial underperformance. Investors should be cautious with crypto treasury companies, especially those heavily weighted in ETH, SOL, and HYPE, as the trend indicates continued pressure on their enterprise value relative to their net asset value.