Most crypto treasury firms now trade below the value of their holdings, DWF says

Most treasury companies now trade below the value of their crypto

A new report from DWF Ventures says most digital asset treasury (DAT) companies no longer trade at a premium to the crypto they hold. DATs are publicly traded companies that keep crypto on their balance sheets.

The report, published Thursday, found that only four of the 20 largest DATs by assets under management trade above an mNAV of 1. mNAV compares a company's market value with the value of the crypto it holds. A reading above 1 means the market values the company more than its crypto.

DWF said the widespread discounts suggest investors are no longer willing to pay the same premium for crypto exposure through publicly traded companies.

Only four of the 20 largest treasury firms trade at a premium

• Bit Digital, Strive, Hyperliquid Strategies and BitMine are the four companies trading above an mNAV of 1, according to DWF Ventures.
• Michael Saylor's Strategy pioneered the Bitcoin treasury model in 2020, the report says.
• DWF found most DAT stocks have underperformed simply holding the crypto asset, and the advantage of those that did outperform was generally small.
• Strategy's mNAV peaked in late 2024 during a Bitcoin rally, when demand for leveraged BTC exposure was strong.

Sequans sells its last 314 BTC

Sequans Communications, a French semiconductor company that launched a Bitcoin treasury strategy last year, disclosed that it sold its remaining 314 BTC. This completes an exit that began with the redemption of its convertible debt in May. The company now holds no cryptocurrency on its balance sheet.

Standard Chartered and Galaxy Digital warned about mNAV earlier

DWF Ventures is not the first to raise the issue. Standard Chartered flagged it in September 2025, while Bitcoin and the wider crypto market were rising, warning that an "mNAV collapse" could lead to widespread consolidation among digital asset treasury companies.

Galaxy Digital gave a similar warning last year, saying the DAT model "critically depends on a persistent equity premium to NAV." Galaxy research analyst Will Owens wrote: "If the premium collapses, or worse, flips to a discount, the model begins to break."

Bitcoin's price drop made the model harder to sustain

DWF says the model has proved harder to sustain this year, with Bitcoin falling from a record high of more than $126,000 last October to below $60,000 before recovering to around $86,000.

Why the premium sits at the center of the model

The premium allows a treasury company to issue new shares and use the money to buy more crypto without diluting existing shareholders. When shares trade below the value of the crypto held, raising equity to buy more crypto can dilute shareholders and undermine the strategy's main financing method.

What is confirmed

The mNAV figures and the list of four premium-trading companies come from DWF Ventures' own research. Sequans' exit rests on the company's disclosure that it sold its remaining 314 BTC and holds no crypto. The comments from Standard Chartered, Galaxy Digital and Owens are their own views and warnings, not confirmed outcomes.

What is still unclear

The sources do not say which treasury companies might consolidate, or when. The consolidation risk described by Standard Chartered was a warning rather than something that has happened, and the sources give no timeline for whether the discounts will continue or narrow.

Sources

• Cointelegraph