The market cap of two major ETH funds has fallen below their net asset value. BMNR holds 1.86 million ETH, 192 BTC, and $630 million in cash, worth $9 billion, but the company's market cap is only $7.3 billion. SBET holds 837,000 ETH, worth $3.6 billion, but its market cap is only $2.7 billion. Meanwhile, MicroStrategy holds about $7 billion worth of BTC, with a market cap of $9.28 billion.