DWF: Crypto Treasury Stocks Mostly Underperform the Coins They Hold
- —Only 4 of the 20 largest crypto treasury firms trade above an mNAV of 1
- —Bit Digital leads at 1.49, while Strategy trades at 0.97
- —Since July some treasury shares beat their coins by 15–40% on valuation gains, not token accumulation
- —The mNAV calculation excludes debt and preferred shares
Why it matters: The fading access premium, eroded by ETFs and custody solutions, weakens the case for treasury stocks versus buying the underlying coins directly.
Source: Newsbit