The end has come for Ethereum treasury companies?

When the ETH price continues to decline, treasury companies that take ETH as their main asset will suffer. The mNAV indicators of SharpLink, The Ether Machine, and ETHZilla have all fallen below 1. What does this mean?
In simple terms, the market believes that the stocks of these companies are no longer as valuable as directly holding Ether. The original "flywheel effect" has completely failed and turned into a "death spiral."
Take SharpLink for example, the mNAV has dropped to 0.99, which is basically on the edge of breaking 1. Even worse is The Ether Machine, where the mNAV is only 0.07, indicating that the market's confidence in it has collapsed.
In this case, shorting the stocks of these treasury companies may be a good strategy. They are facing a double blow: a drop in ETH prices and a failure of their business models. These stocks will struggle to recover until ETH shows a strong rebound.