Ethereum-based digital asset treasuries (DATs) are experiencing significant pressure as their market-to-net-asset-value (mNAV) ratios fall below 1. This decline restricts their capacity to issue new shares and acquire more cryptocurrency. The drop is attributed to market saturation, investor caution, and structural challenges, according to Standard Chartered and other industry experts. While staking yields can enhance mNAV by up to 0.6 percentage points, they are insufficient to counteract the broader market pressures. Smaller DATs are particularly vulnerable, with their ability to purchase Ethereum at favorable terms diminishing. Analysts suggest that only larger DATs with access to low-cost financing or robust staking returns may withstand the current industry consolidation.