Recent scrutiny of Modified Net Asset Value (mNAV) premiums in crypto treasury firms has sparked investor concerns. While no widespread collapse has been confirmed, market volatility and the reliance on capital structure engineering are key factors influencing resilience. Notably, companies like Strategy, Metaplanet, and DeFi Development Corp demonstrate strength through innovative financial strategies. Although official sources indicate that the impact of mNAV premium fluctuations is still unclear, industry experts highlight the varying levels of scrutiny dependent on market trust and capital engineering. Notably, firms with strong financial foundations are less vulnerable to potential downturns, indicating a potential for uneven impacts across different companies.