Futures
Hundreds of contracts settled in USDT or BTC
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Futures Kickoff
Get prepared for your futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to experience risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
During last year's DAT boom, many small companies turned into "treasuries," but today their situation isn't looking good. According to on-chain data monitoring, the mNAV of these projects has already fallen below 1, and many are being forced to sell their tokens.
The latest developments of the Ethereum treasury project Nexus clearly illustrate the situation. Just 4 hours ago, they liquidated 2,500 ETH, cashing out approximately $8.04 million. Looking at their previous records makes it even more heartbreaking — between August and September 2025, Nexus was aggressively accumulating ETH at an average price of $3,944, buying a total of 50,770 ETH with an investment of up to $200 million.
And now? They still hold 37,594 ETH. From over 50,000 down to just over 37,000, this calculation shows that Nexus was clearly forced to sell this time. When the mNAV drops below 1, these treasury projects are like frogs in boiling water — either cut losses and sell or wait to be eliminated.