DeFi Technologies Stock Plummets Amid mNAV Ratio Collapse

DeFi Technologies' stock price has declined significantly over the past year, dropping by 84.69 percent since its August 2025 peak of EUR 2.45.

The company's balance sheet holds approximately $150 million in cash and digital assets, but its market value is only around EUR 0.3660 per share, a gap that has never been wider.

This disconnect is largely due to the mNAV (market value to net asset value) ratio, which has collapsed to around 0.7 on an aggregate, fully diluted basis, according to Coinbase Institutional.

Despite its strong balance sheet and operating business, DeFi Technologies' stock price remains hostage to Bitcoin's chart, with a key support zone sitting between EUR 0.34 and EUR 0.36.