DWF Report: Fading NAV Premiums Are Breaking the Crypto Treasury Model
- —Only 4 of the top 20 DAT firms trade at a premium to NAV
- —The Strategy-style playbook of financing via premium has stopped working
- —Sequans sold its remaining 314 BTC and dropped its crypto strategy
- —The sector now needs either renewed leverage demand or consolidation
Why it matters: Without a NAV premium, public crypto treasuries lose their main tool for accumulating reserves, weakening a key source of corporate demand for BTC and ETH.
Source: Crypto Economy