Digital Asset Treasury Boom Faces Challenges as Premiums Disappear

The digital asset treasury (DAT) boom is facing a tougher test as most publicly listed companies holding large crypto reserves now trade below the value of their assets on balance sheets.

According to DWF Ventures, only four of the 20 largest digital asset treasury companies by assets under management currently trade above a market-to-net-asset value (mNAV) of 1.

The DAT model has been under pressure as treasury stock premiums disappear, making it harder for companies to issue shares at valuations above the value of their crypto holdings and use the proceeds to purchase more tokens.

Strategy, formerly MicroStrategy, remains a prominent example of the model, with its Bitcoin purchases becoming less consistent in 2026. Despite this, Strategy's stock has gained over 31% over the past month.