Hey folks, if you're deep into the world of meme tokens and blockchain, you've probably noticed how traditional companies are dipping their toes into crypto. A recent update from Blockworks Research caught my eye, and it's got some juicy implications for the meme scene, especially on Solana.

In their latest tweet, Blockworks announced they're now tracking fully diluted share counts and something called Fully Diluted mNAV for 10 digital asset treasuries (DATs). These are basically public companies that hold significant amounts of crypto in their treasuries, like Bitcoin, Ethereum, or Solana. The tickers they mentioned include MSTR (MicroStrategy, the BTC heavyweight), BMNR, SBET, ETHM, BTBT, ETHZ, UPXI, STSS, DFDV, and STKE.

This builds on their existing Basic mNAV tracking for 19 DATs. Basic mNAV uses the outstanding share count, while the fully diluted version accounts for potential future shares from options or warrants—giving a more comprehensive view of the company's valuation relative to its crypto holdings.

For those new to the term, mNAV stands for "multiple to Net Asset Value." It's a ratio that shows how the market is pricing the company compared to the value of its assets (mostly crypto in this case). A mNAV above 1 means the stock is trading at a premium to its assets, which could signal investor optimism about growth or other factors. Below 1? It might be undervalued.

Now, why should meme token fans care? Well, several of these companies are holding SOL, the native token of Solana, which is ground zero for some of the wildest meme tokens out there—like Dogwifhat, Bonk, or Pump.fun creations. Companies like Upexi (UPXI), Sharps Technology (STSS), DeFi Development (DFDV), and Sol Strategies (STKE) are all in on SOL. Sol Strategies, for instance, is focused on Solana investments, staking, and blockchain tech, and it's traded on Nasdaq under STKE. This kind of institutional involvement could boost liquidity and credibility for the Solana ecosystem, indirectly benefiting meme tokens built on it.

Check out the overview table from their dashboard for a snapshot:

NAV Rank	Company Name	Ticker	Crypto Asset	NAV	Basic mNAV	Basic mNAV / EV	Fully Diluted mNAV	Fully Diluted mNAV / EV
1	MicroStrategy	MSTR	BTC	$715B	1.3	1.5	1.46	1.66
2	BitMine	BMNR	ETH	$84B	0.86	0.83	1.1	1.07
3	SharpLink Gaming	SBET	ETH	$362B	0.88	0.88	0.96	0.95
4	Ether Machine	ETHM	ETH	$214B	0.11	0.11	0.53	0.53
5	Bit Digital	BTBT	ETH	$524M	1.7	1.27	1.71	1.28
6	EthZilla	ETHZ	ETH	$441M	0.91	0.43	1.36	0.88
7	Upexi	UPXI	SOL	$432M	0.74	0.77	1.19	1.21
8	Sharps Technology	STSS	SOL	$242M	0.58	0.57	1.88	1.87
9	DeFi Development	DFDV	SOL	$429M	0.97	1.02	1.36	1.41
10	Sol Strategies	STKE	SOL	$93.4M	3.23	3.64	3.58	3.99

(Note: Some NAV figures look unusually high—might be a typo in the scale, like millions instead of billions for smaller firms, but this is based on the shared overview.)

Blockworks says they'll keep expanding coverage, which is great for anyone tracking how Wall Street is embracing crypto. If you're into meme tokens on Solana, keeping an eye on these treasuries could give you early signals on broader market sentiment.

For more details, head over to their Treasury Companies Overview dashboard. And if you want the original post, here's the tweet from Blockworks Research.

This kind of data helps demystify how crypto is integrating with traditional finance, potentially opening doors for more meme token adoption. Stay tuned for more updates!