DWF Ventures: Only 4 of Top 20 DAT Firms Trade Above Asset Value
- —Only BTBT (1.49x), ASST (1.21x), PURR (1.17x) and BMNR (1.02x) hold mNAV above 1
- —Strategy holds 846,000 BTC but trades at 0.97x mNAV
- —Firms keeping a premium rely on at-the-market share issuance to buy more crypto
- —When mNAV is low, DAT shares can outperform spot by 15–40% over three months
Why it matters: The report signals that the digital asset treasury model is losing its premium to holdings, limiting these firms' ability to raise capital.
Source: CoinDesk Japan