Out of the top 20 crypto treasury stocks, only 4 currently trade above the worth of their underlying assets, according to research from DWF Ventures.
The analysis also revealed that the majority of leading digital asset treasuries (DATs)—publicly traded companies whose primary business model involves purchasing and holding cryptocurrency—have underperformed the tokens they hold since their inception.
Why Crypto Treasury Stocks Lost Their Shine
The market-value-to-net-asset-value (mNAV) metric evaluates a DAT by measuring its market capitalization against the total worth of its crypto reserves. A ratio under 1 indicates that shares are trading at a discount compared to those held assets.
Based on data gathered up to September 21, DWF’s September 24 report places Bit Digital in the lead with an mNAV of 1.49x. Strive, Hyperliquid Strategies, and BitMine trail closely behind at 1.21x, 1.17x, and 1.02x, respectively.
Meanwhile, Strategy—the largest corporate holder of Bitcoin (BTC)—stands at 0.97x in DWF’s assessment, while SovereignAI sits at the bottom with a 0.22x multiple. DWF pointed out that these calculated mNAV figures do not account for preferred stock and debt.
The study attributes these prevailing discounts to a diminishing access premium. Historically, institutional investors were willing to pay a markup for DAT shares because regulatory hurdles made direct crypto ownership difficult for traditional funds.
That landscape has shifted as institutions gained access to alternative vehicles like exchange-traded funds (ETFs), regulated private funds, and dedicated custody services.
“However, as SEC proposed to quicken the listing process by over 75% for ETFs, the access premium has reduced significantly over the years. Institutional buyers have a lot more assets to choose from for ETFs, regulated private funds and custodian infrastructure allowing for direct deployment – which was not possible before,” the report read.
A Catch-Up Trade With a 3-Month Shelf Life
DWF determined that, over the long term since inception, investors generally achieved better returns by simply holding the native token directly. The rare DATs that managed to outperform their assets did so by margins too narrow to justify the added risk.
Shorter timeframes tell a different story, with equities outpacing tokens by 15% to 40% since July. During this period, mNAV multiples climbed from previous lows of 0.5x–0.8x up to a range of 0.7x to 1.0x.
For example, Hyperliquid Strategies (PURR), which backs Hyperliquid (HYPE), outperformed HYPE by 31%. Similarly, Cypherpunk Technologies (CYPH), a Zcash (ZEC) treasury, topped its underlying token by 38%. Because the number of tokens per share remained virtually unchanged, DWF attributes this bounce to positive sentiment. Nevertheless, looking past a three-month horizon, holding the token remains the superior strategy.
Looking ahead, DWF anticipates that corporate boards and capital structures will play a greater role in determining DAT valuations. The firm highlighted Strategy as an example, noting that it prioritizes debt holders and maintains ongoing preferred dividend obligations.
The study cautions that these payouts could eventually force Bitcoin liquidations that dilute equity holders. Should market confidence falter, DWF warns that Strategy’s mNAV could spiral downward.
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