DWF Ventures Finds Most Crypto Treasury Stocks Trade at a Discount to Their Holdings

Digital asset treasury companies (DATs) are listed firms that buy and hold cryptocurrencies on behalf of shareholders. DWF Ventures’ latest report compares each company’s market capitalization with the net value of its crypto holdings (mNAV). An mNAV below 1 indicates that shares trade at a discount to the underlying assets.

Top mNAV Ratios

• Bit Digital leads with an mNAV of 1.49×.
• Strive follows at 1.21×.
• Hyperliquid Strategies posts 1.17×.
• BitMine records 1.02×.
• Strategy, the largest corporate Bitcoin holder, sits at 0.97×.
• SovereignAI ranks lowest at 0.22×.

Why Discounts Have Grown

The report attributes the widening discounts to a shrinking “access premium.” Institutional investors previously paid extra for DAT shares because regulated funds could not own crypto directly. The emergence of crypto ETFs, regulated private funds and custodial services has reduced that premium.

Performance Compared to Underlying Tokens

Since their inception, most DATs have lagged the price appreciation of the tokens they hold. Only a few have outperformed, and the margins were modest. In a shorter three‑month window, some companies did beat their assets, with share price gains of 15 %–40 % since July. Notable examples include:

• Hyperliquid Strategies (ticker PURR), which holds Hyperliquid (HYPE), outperformed HYPE by 31 %.
• Cypherpunk Technologies (CYPH), a Zcash (ZEC) treasury, outperformed ZEC by 38 %.

Beyond three months, the underlying tokens remained the better investment.

Future Outlook

DWF expects corporate governance and capital‑structure decisions to increasingly influence DAT valuations. Companies with significant debt or preferred dividend obligations, such as Strategy, may be forced to sell assets, potentially triggering further discounts.