Premium or Discount? Only 4 of 20 Crypto Treasuries Still Trade Above Their Bags

Only four of the 20 largest digital asset treasury companies trade at a premium to the value of their crypto holdings, according to a Thursday report from DWF Ventures, a sign that the corporate crypto-treasury model has lost much of the edge that once let these firms raise capital without diluting shareholders. DWF found that Bit Digital, Strive, Hyperliquid Strategies and BitMine are the only DATs in the cohort with an mNAV above 1, meaning their market capitalization exceeds the value of the cryptocurrencies on their balance sheets. The remaining 16 trade at discounts, indicating investors are no longer willing to pay up for indirect crypto exposure through publicly traded equities.

The firm said the premium phase generally coincided with the novelty of the model, which traces back to Michael Saylor's 2020 decision to load Strategy with $BTC. Strategy's mNAV peaked in late 2024 during Bitcoin's rally, when demand for leveraged BTC exposure was high. Since then, DWF found that most DAT stocks have underperformed simply holding the underlying crypto, and even the outperformers have generally beaten buy-and-hold by only a thin margin.

The findings come as Sequans Communications disclosed it has sold its remaining 314 $BTC, completing an exit it began in May by redeeming its convertible debt. The French semiconductor company, which launched a Bitcoin treasury strategy last year, now holds no cryptocurrency on its balance sheet.

DWF's report adds to a string of warnings about falling treasury premia. Standard Chartered raised the issue in September 2025, cautioning that an "mNAV collapse" could trigger widespread consolidation among DATs. Galaxy Digital made a similar argument last year, noting that the model "critically depends on a persistent equity premium to NAV" so firms can issue shares and buy more crypto without diluting existing holders. "If the premium collapses, or worse, flips to a discount, the model begins to break," Galaxy research analyst Will Owens wrote.

Bitcoin has fallen from a record high above $126,000 last October to below $60,000 before recovering to roughly $86,000, adding pressure to a model that depends on a rising asset base and sustained investor appetite for treasury proxies.