Crypto Treasury Stocks Lag Behind Holdings Amid Shrinking Access Premium
The performance of crypto treasury stocks has been underwhelming since their inception. DWF Ventures found that only four of the top 20 treasuries trade above the value of their holdings, with most trailing behind their tokens.
Market-value-to-net-asset-value (mNAV) is a metric used to compare a digital asset treasury's market capitalization to the value of its crypto holdings. A reading below 1 means the shares are trading at a discount to those holdings.
DWF's September 24 report puts Bit Digital at the top with an mNAV of 1.49x, followed by Strive, Hyperliquid Strategies, and BitMine. Strategy, the largest corporate Bitcoin holder, ranks last at 0.97x, while SovereignAI is at 0.22x.
The discounts on these treasuries can be attributed to a shrinking access premium. Institutions once paid extra for DAT shares because regulated funds struggled to own crypto directly.