Only Four of the Top 20 Crypto Treasury Firms Trade at a Premium to Their Token Reserves

According to a recent analysis by DWF Ventures, the majority of publicly traded crypto‑treasury firms are priced at a discount to the market value of the tokens they hold. Only four of the 20 largest firms trade above the value of their crypto reserves.

Market‑value‑to‑net‑asset‑value (mNAV) ratios

The study compared share prices with the performance of the underlying tokens and calculated a market‑value‑to‑net‑asset‑value (mNAV) ratio for each company. Most firms have an mNAV below 1, meaning their market capitalization is less than the net value of their crypto holdings. Four firms reported mNAV ratios above 1 as of September 21.

Performance relative to token holdings

Since adopting treasury strategies, buying and holding the underlying tokens has generally outperformed buying the companies’ shares. In a short‑term window of less than three months, a few stocks outperformed their tokens by 15% to 40% as their mNAV ratios rose from roughly 0.5–0.8 to 0.7–1.0. Notable examples include PURR (focused on Hyperliquid) and CYPH (focused on Zcash), which posted returns 31% and 38% above their respective tokens during that period.

Factors influencing stock performance

• Financing terms: Companies can raise capital through common shares, convertible debt, or preferred stock, each affecting dilution and reserve pressure.
• Operating income: Revenue from staking, mining, or non‑crypto businesses can support share prices independent of token price movements. Examples include Bit Digital’s cloud infrastructure business and BitMine’s ETH staking.
• Management decisions: Timing of token purchases, share issuances, and use of proceeds (e.g., STRC’s preferred‑share repurchases, SATA’s Bitcoin purchase) shape the mNAV.

Implications for investors

Investors should assess a treasury firm’s mNAV alongside its financing obligations, operating income, and management strategy. A low mNAV does not automatically indicate a discount on all assets, as debt and preferred stock are excluded from the calculation.

Changing market dynamics

Improved access to regulated funds and custody solutions may reduce the premium historically granted to treasury stocks, shifting investor focus toward operational metrics and financing structures.