Most DAT stocks trade below their crypto holdings: DWF — SkimNews
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- DWF Ventures found only 4 of the 20 largest digital asset treasury companies by AUM trade above an mNAV of 1 — Bit Digital, Strive, Hyperliquid Strategies and BitMine — with the rest now valued below their crypto holdings.
- Strategy, the Michael Saylor-led firm that pioneered the Bitcoin treasury model in 2020, saw its mNAV peak in late 2024 during Bitcoin's rally, and most DAT stocks have since underperformed simply holding the underlying crypto, DWF said.
- Sequans Communications disclosed it sold its remaining 314 BTC, completing an exit from its Bitcoin treasury strategy that began when it redeemed its convertible debt in May.
- Standard Chartered warned in September 2025 of an "mNAV collapse" that could trigger widespread consolidation among digital asset treasury companies.
- Galaxy Digital analyst Will Owens wrote that if the premium "flips to a discount, the model begins to break," because equity raises to buy more crypto would become dilutive to existing shareholders.
- Bitcoin has swung from a record above $126,000 last October to below $60,000 before recovering to around $86,000, squeezing the leverage thesis underpinning DAT strategies.
Why it matters: For DAT companies, the math no longer works: with shares trading below NAV, issuing equity to buy crypto becomes dilutive, breaking the financing flywheel that once let these firms expand balance sheets cheaply. Just 4 of the top 20 still command premiums, and Sequans has already liquidated its entire Bitcoin stash to exit the strategy.
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