Crypto Treasury Companies Lose Their Edge as Stock Premiums Fade

The crypto treasury model has largely lost its early advantage, according to a new report from DWF Ventures. Most digital asset treasury (DAT) companies no longer trade at the premiums that once let them raise capital and buy more crypto without diluting existing shareholders. Only four of the 20 largest DATs by assets under management trade above an mNAV of 1, meaning their market value tops the value of their crypto holdings. Those four are Bit Digital, Strive, Hyperliquid Strategies and BitMine.

DAT Stocks vs Holding Crypto Directly

Since Michael Saylor’s Strategy launched the Bitcoin treasury model in 2020, most DAT stocks have lagged the underlying crypto asset, DWF says. Even the ones that beat it have generally done so by a small margin. The premium usually peaked when the idea was new. Strategy’s mNAV hit its high in late 2024 during Bitcoin’s rally.

Why mNAV Discounts Break the Financing Model

Galaxy Digital warned last year that the model depends on a lasting equity premium to NAV. With a premium, firms can issue shares and buy more crypto without diluting holders. Under a discount, raising equity becomes dilutive. Galaxy analyst Will Owens said that if the premium flips to a discount, the model begins to break. Standard Chartered raised a similar “mNAV collapse” warning in September 2025, saying it could force consolidation among treasury companies.

Sequans Exits Bitcoin Treasury Strategy

French semiconductor firm Sequans Communications sold its remaining 314 BTC, finishing an exit it started by redeeming its convertible debt in May. It now holds no crypto. The pressure has grown as Bitcoin fell from a record above $126,000 last October to below $60,000, before recovering to around $86,000.