Crypto24 September, 20262 min read
DWF Ventures Says Only Four Of 20 Crypto Treasuries Trade Above Holdings’ Value
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Only four of the 20 largest crypto treasuries trade above asset value. Most digital asset treasuries trade below their crypto holdings’ value.
6 outlets told this the same way.
Premiums fade for DATs
DWF Ventures said only four of the 20 largest digital asset treasury companies trade above an mNAV of 1, meaning their market value exceeds the value of their crypto holdings. DWF Ventures identified Bit Digital, Strive, Hyperliquid Strategies and BitMine as the four companies trading above their holdings’ value. DWF Ventures said the widespread discounts show investors are no longer willing to pay the same premium for crypto exposure through publicly traded companies.
DWF Ventures said the crypto treasury model has largely lost its early advantage because most DAT stocks no longer command the premiums that once helped companies expand their balance sheets. Sequans Communications disclosed it sold its remaining 314 BTC and completed an exit that began by redeeming its convertible debt in May, leaving it with no cryptocurrency on its balance sheet.
Equity premium is the hinge
Galaxy research analyst Will Owens wrote that the DAT model "critically depends on a persistent equity premium to NAV." DWF Ventures said the premium investors paid for DAT stocks generally peaked when the strategy was new and attracting investor attention. DWF Ventures pointed to Strategy’s mNAV peak in late 2024 during Bitcoin’s rally, when demand for leveraged BTC exposure was strong.
Standard Chartered warned in September 2025 that an "mNAV collapse" could lead to widespread consolidation among digital asset treasury companies. Strive CEO Matt Cole said, "I don’t think it ever broke," as he argued the Bitcoin treasury model survived the bear market.
Outperformance narrows, risks rise
Strive raises capital at roughly 13% financing costs, and Cole argued Bitcoin gains above that level could create upside beyond simply holding BTC. Cole claimed Strive has outperformed Bitcoin by more than 100% in 2026 while the crypto king remained flat. The median 18-month return for the top 20 non-mining bitcoin treasury stocks is roughly negative 18%, while BTC itself is up less than 3%.
Some companies have lost more than 90% and others have been delisted, while Tesla is up 59.8% over the period and Galaxy Digital has gained 114%. Strategy made its first Bitcoin purchase on August 11, 2020, spending $250 million, and it said Strategy’s stock has gained more than 1,000% since then.