A report from DWF Ventures released Thursday shows that the early advantage of the crypto treasury model has largely disappeared. Of the 20 largest digital‑asset treasury (DAT) firms by assets under management, only four – Bit Digital, Strive, Hyperliquid Strategies and BitMine – trade at a market‑adjusted NAV (mNAV) above 1, meaning their market capitalisation exceeds the value of their crypto holdings.
The widespread discounts suggest investors are no longer willing to pay a premium for exposure to Bitcoin through publicly listed companies. DWF notes that the premium peaked when the model was new and Bitcoin rallied strongly in late 2024, but has since eroded. Even DAT stocks that have outperformed the underlying Bitcoin have done so by a narrow margin.
The report coincides with a notable exit by Sequans Communications, a French semiconductor firm that launched a Bitcoin treasury strategy last year. Sequans disclosed the sale of its remaining 314 BTC, completing an exit that began with the redemption of convertible debt in May. The company now holds no cryptocurrency on its balance sheet.
Industry analysts have warned about the fragility of the model. Standard Chartered raised concerns in September 2025, warning that an "mNAV collapse" could trigger consolidation among DAT firms. Galaxy Digital issued a similar alert last year, stating that the DAT model depends on a persistent equity premium to NAV. Without that premium, raising equity to buy more crypto becomes dilutive, undermining the core financing mechanism.
Bitcoin’s price trajectory has added pressure. After reaching a record above $126,000 in October 2023, the cryptocurrency fell below $60,000 before stabilising around $86,000. The price decline has reduced the intrinsic value of the holdings that DAT companies rely on, further compressing their market premiums.
The DWF analysis underscores a shift in investor sentiment: the willingness to pay extra for publicly traded Bitcoin exposure has waned, leaving most DAT firms trading at discounts to their underlying assets. Only a handful of firms continue to command a premium, highlighting a narrowing field of viable crypto‑focused equity investments.
