Only 4 digital asset treasury firms trade above NAV: report.

A new report from DWF Ventures reveals that the crypto treasury model has largely lost its early advantage, with only four of the 20 largest digital asset treasury (DAT) companies trading at a premium to their crypto holdings. The report, published Thursday, found that Bit Digital, Strive, Hyperliquid Strategies and BitMine are the exceptions among a group where shares now widely trade at a discount.

However, this discount suggests investors are no longer willing to pay the same premium for crypto exposure through publicly traded companies. Consequently, since Michael Saylor‘s Strategy pioneered the Bitcoin treasury model in 2020, most DAT stocks have underperformed simply holding the underlying cryptocurrency.

Meanwhile, Sequans Communications, a French semiconductor company that launched a Bitcoin treasury strategy last year, disclosed that it sold its remaining 314 BTC, completing an exit it began by redeeming its convertible debt in May. The report notes that the premium investors paid for DAT stocks generally peaked when the strategy was new, with Strategy seeing its mNAV peak in late 2024 during Bitcoin’s rally.

Galaxy Digital previously warned that the model “critically depends on a persistent equity premium to NAV,” allowing companies to issue shares without diluting existing shareholders. As analyst Will Owens wrote, “If the premium collapses, or worse, flips to a discount, the model begins to break.”

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