DAT Premiums Plummet as Investor Enthusiasm Fades

A recent report by DWF Ventures highlights a decline in the premiums offered to investors for exposure to digital assets through publicly traded companies, also known as Digital Asset Treasuries (DATs).

The analysis of the 20 largest DATs by assets under management found that only four trade above their 'mNAV', which compares a company's market value to the value of its underlying crypto holdings.

This implies that investors are no longer willing to pay extra for crypto exposure through listed balance sheets, shrinking one of the model's key funding mechanisms.

The report notes that DAT stocks have generally struggled to outperform simply holding the underlying cryptocurrency, with any advantage often modest.