Crypto Treasury Companies Struggle as Premiums Normalize
Digital asset treasury (DAT) companies are struggling to maintain their premium value over their cryptocurrency holdings, according to a report from DWF Ventures. The report found that only four of the 20 largest DATs by assets under management trade above an mNAV of 1.
These companies, including Bit Digital, Strive, Hyperliquid Strategies, and BitMine, are still able to command a premium over their holdings' value. However, for the remaining 16 companies, their market values are below the value of their crypto assets.
The DAT model has been losing its advantage as investor behavior changes. Earlier demand helped these stocks command premiums, but current discounting suggests capital markets participants are less willing to pay extra for crypto exposure through a treasury structure rather than simply owning the underlying asset.