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Most digital asset treasury firms trade below crypto holdings, DWF finds
DWF Ventures said only 4 of the 20 largest digital asset treasury firms by assets under management trade above an mNAV of 1.
Cointelegraph reports that a crypto treasury model that once let digital asset treasury, or DAT, companies raise capital and grow their balance sheets is losing its edge as stock-like premiums fade.
According to a DWF Ventures report published Thursday, most DAT firms now trade below the value of their crypto holdings, weakening the financing mechanism that previously helped companies expand without diluting existing shareholders.
The report found that only four of the 20 largest DATs by assets under management trade above an mNAV of 1, meaning their market value exceeds the value of their crypto holdings, those firms are Bit Digital, Strive, Hyperliquid Strategies and BitMine.