Figures

The data behind the work, drawn. Each figure is dated and sourced, with its table and a downloadable image.

Does not count: A live feed. Each figure is dated to the day it was read.

mNAV, three ways

Treasury companies, priced against the crypto they hold.

Seven of 96 treasury companies look cheap on one count and expensive on another 13 November 2026

Hollow dots count only the shares outstanding today. Filled dots count every warrant, option, and convertible as exercised. At 1.0×, a company is priced at exactly the crypto it holds.

Cantor Equity Partners I

Flora Growth0.21× → 1.01×

Hyperion DeFi0.26× → 1.13×

The Ethereum Machine

StablecoinX

Semler Scientific

Metaplanet0.52× → 1.23×

Twenty One Capital

Forward Industries

Evernorth

American Bitcoin

Solana Company0.62× → 1.61×

Sharplink

SkyAI0.75× → 1.06×

Strategy

Yorkville Acquisition Group0.83× → 1.03×

Hyperliquid Strategies

BitMine Immersion

Strive

Sui Group Holdings0.94× → 1.08×

MARA Holdings

Trump Media & Technology

CleanSpark

Bullish

Galaxy Digital

Riot Platforms

Realized mNAVRealisticMax mNAVCrosses 1.0×

Table

Company	Realized	Realistic	Max
Cantor Equity Partners I	0.12×	0.12×	0.13×
Flora Growth	0.21×	0.21×	1.01×
Hyperion DeFi	0.26×	0.26×	1.13×
The Ethereum Machine	0.27×	0.27×	0.44×
StablecoinX	0.35×	0.35×	0.63×
Semler Scientific	0.52×	0.57×	0.62×
Metaplanet	0.52×	0.52×	1.23×
Twenty One Capital	0.55×	0.55×	0.62×
Forward Industries	0.56×	0.64×	0.71×
Evernorth	0.59×	0.59×	0.81×
American Bitcoin	0.62×	0.62×	0.62×
Solana Company	0.62×	0.83×	1.61×
Sharplink	0.72×	0.72×	0.72×
SkyAI	0.75×	1.06×	1.06×
Strategy	0.82×	0.82×	0.82×
Yorkville Acquisition Group	0.83×	0.83×	1.03×
Hyperliquid Strategies	0.9×	0.9×	0.9×
BitMine Immersion	0.93×	0.93×	0.93×
Strive	0.93×	0.93×	0.95×
Sui Group Holdings	0.94×	0.99×	1.08×
MARA Holdings	1.06×	1.06×	1.06×
Trump Media & Technology	1.28×	1.28×	1.48×
CleanSpark	1.74×	1.86×	2.68×
Bullish	2.34×	2.34×	2.34×
Galaxy Digital	3.65×	3.79×	4.36×
Riot Platforms	7.97×	7.97×	7.97×

DefiLlama digital asset treasuries tracker, as of 13 November 2026. 96 of the 98 listed companies report holdings. Shown: the 25 largest holders and every smaller company that crosses 1.0×, between 0.1× and 10× on a log scale. Coinbase Global, Tesla, Block, GD Culture Group, and Next Technology Holding fall outside that range. defillama.com/digital-asset-treasuries Download the seven as an image (PNG)

Does not count: A discount. On today’s shares, these seven trade below the crypto they hold. Count the shares their warrants, options, and convertibles can still create, and all seven trade above it.

The same companies, one count at a time 13 November 2026

On realized mNAV, 20 of these 26 companies sit below 1.0×. On max mNAV, 13 do.

20of 26 below 1.0× on realized mNAV

Below 1.0×At or above 1.0×Realized, where it startedCrosses 1.0× on some count

DefiLlama digital asset treasuries tracker, as of 13 November 2026.

Does not count: A single mNAV. Quote one number and you’ve chosen one of these counts without saying which. Between realized and max, seven of these companies change sides.

RWA perps

Where the open interest sits.

Nearly three quarters of RWA perps open interest is on centralized exchanges 13 November 2026

Of $13.35b in open interest, $3.55b sits on decentralized venues. There, public equities hold about 45%.

All RWA perps open interest, $13.35b

26.6%73.4%

Decentralized venuesCentralized exchanges

Decentralized venues only, $3.55b, by asset group

Public equities$1.6b

Precious metals$551.5m

Equity indices$496.9m

Oil$294.8m

Equity ETFs$196.6m

Fiat currencies$182m

Private equity and venture$171.9m

AI and compute infrastructure$48.7m

Natural gas$21.4m

Industrial metals$14.4m

Table

Asset group	Open interest, decentralized venues
Public equities	$1.6b
Precious metals	$551.5m
Equity indices	$496.9m
Oil	$294.8m
Equity ETFs	$196.6m
Fiat currencies	$182m
Private equity and venture	$171.9m
AI and compute infrastructure	$48.7m
Natural gas	$21.4m
Industrial metals	$14.4m
All groups, decentralized venues	$3.55b
All venues	$13.35b

DefiLlama RWA perps, as of 13 November 2026. defillama.com/rwa/perps Download as an image (PNG)

Does not count: The market, read from onchain data alone. Decentralized venues carry about a quarter of RWA perps open interest. A tracker that reads only them misses the other three quarters.

Used in DeFi

Three of the measures I defined, on one scale.

About an eighth of onchain real-world assets is used in DeFi 13 November 2026

Most of what’s onchain is also in user hands. Very little of it is put to work.

Onchain Market Cap$34.41b 100%

Active Market Cap$30.48b 88.6% of onchain

DeFi Active TVL$4.19b 12.2% of onchain

12.2% utilization, DeFi Active TVL over Onchain Market Cap

Table

Measure	13 November 2026
Onchain Market Cap	$34.414b
Active Market Cap	$30.481b
DeFi Active TVL	$4.191b
Utilization	12.2%

DefiLlama RWA dashboard, default view, as of 13 November 2026. Definitions: Onchain Market Cap, Active Market Cap, DeFi Active TVL, Utilization. defillama.com/rwa Download as an image (PNG)

Does not count: Onchain as in use. About $1 in every $8 of real-world assets onchain is deployed in DeFi. The rest is simply held, much as it would be off chain.

The record

What I published, and when other people picked it up.

Published first, picked up after August 2025 to November 2026

Month by month, from joining DefiLlama to now.

Joined DefiLlama

Aug 2025

“What is mNAV?”, DL News

Sep

“The Digital Asset Treasury Playbook”, DL News

Oct

Nov

Dec

Jan 2026

Feb

Mar

Apr

CriptoNoticiasSpanish-language coverage of the RWA data

May

Pantera Capital, Q1 2026 editionAdopts DeFi Active TVL

Jun

Citi InstituteMarket size sourced to DefiLlama, p. 19

Vella, Pennella, and BallandiesarXiv paper, DefiLlama as selection criterion

Jul

Aug 2026

CryptoSlateRuns DeFi Active TVL as a column heading

Went independent

Sep

Pantera Capital, September 2026 editionCredits me by name again

Indexed podcast

Oct

Nov

Each entry sits in the month it was published. Sources are on the main page. Download as an image (PNG)

Does not count: Overnight adoption. Six months passed between the second article and the first pickup. Then six pickups landed between April and September 2026.

Questions about a figure, or one you’d like drawn: themetaisok@gmail.com. Back to the main page.

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