Crypto Treasury Model Loses Premium
The crypto treasury model, pioneered by Michael Saylor's Strategy in 2020, has largely lost its early advantage. The model allowed public companies to raise equity, buy BTC, and let shareholders ride the coin through a regulated wrapper. However, most digital asset treasury (DAT) companies no longer command the premiums that allowed them to raise capital and accumulate more crypto without diluting existing shareholders.
According to DWF Ventures, only four of the 20 largest DAT companies by assets under management trade above an mNAV of 1. These are Bit Digital, Strive, Hyperliquid Strategies, and BitMine. The widespread discounts suggest investors are no longer willing to pay the same premium for crypto exposure through publicly traded companies.
Many companies have abandoned or liquidated their Bitcoin treasury strategies this year. Sequans Communications, a French semiconductor company, has sold its remaining 314 BTC and now holds no cryptocurrency on its balance sheet. Satsuma Technology raised £100 million in July 2025 to expand its Bitcoin treasury but later returned substantially all of the company's capital and canceled its listing.
The information discussed is not financial advice. It is for educational, entertainment, and informational purposes only.