As reported by MarsBit, on November 13, 2025, a key indicator in the crypto market revealed that the total market value of MicroStrategy (MSTR.US) had fallen below the value of its Bitcoin holdings, marking the first time its mNAV (market value to crypto asset ratio) dropped below 1.0. This trend was also observed in other DATCo 1.0 firms like Metaplanet (3350.T) and Bitmine Immersion Tech (BMNR.US), signaling the collapse of the previous model. CoinGecko's 2025 DATCo report confirmed that mNAV below 1.0 is crippling DATCos' ability to raise capital through ATM equity offerings. Meanwhile, BlackRock, Vanguard, and JPMorgan have been quietly entering the space, particularly in ETH-focused DATCo 2.0 models like Bitmine, which now trade at a discount and offer potential for staking yields and sustainable cash flows.
DATCo 2.0 Emerges as mNAV Falls Below 1.0, Institutional Investors Enter
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