Digital Asset Treasuries Lag Behind Crypto Holdings in Value

A new analysis has found that most publicly listed Digital Asset Treasuries (DATs) trade below the value of their crypto holdings.

The study, which examined the 20 largest DATs by assets under management, discovered that only four were trading at a market-to-net-asset-value ratio above one.

DATs are listed companies that focus on accumulating and managing digital assets. Unlike exchange-traded funds, DATs trade as operating businesses, reflecting financing choices, investor sentiment, and corporate strategy.

The total value of digital assets held by these companies has surpassed $180 billion after average annual growth of about 70% since 2020.