DWF Ventures stated in a report published Thursday that the advantage of the digital asset treasury (DAT) model has weakened: of the 20 largest DATs, only four are trading above mNAV=1 — Bit Digital, Strive, Hyperliquid Strategies, and BitMine.

According to the firm, widespread discounts to the value of crypto assets on balance sheets indicate that investors are no longer willing to pay the previous premium for indirect access to crypto through public companies.

Most DATs Underperformed Simple Asset Holding Strategies

Since Michael Saylor's Strategy introduced the Bitcoin treasury model in 2020, DWF data shows that most DAT stocks have lagged behind the results of simply holding the underlying crypto asset. Even among those that outperformed "holding," the advantage was generally modest.

Sequans Completed Exit by Selling Remaining 314 BTC

French semiconductor company Sequans Communications, which began a Bitcoin treasury strategy last year, announced the sale of its remaining 314 BTC, completing an exit that started with the redemption of convertible debt in May. The company now holds no cryptocurrencies on its balance sheet.

Warnings About Falling mNAV Emerged During Market Rally

Standard Chartered raised the issue in September 2025, during a period of rising Bitcoin and a broader crypto market rally, warning that a "collapse of mNAV" could lead to consolidation among DATs. Last year, Galaxy Digital noted that the DAT model "critically depends on a sustained premium to NAV." "If the premium collapses, or worse, turns into a discount, the model starts to break down," wrote Galaxy analyst Will Owens.

mNAV Peaked at the End of 2024 During BTC Rally

According to DWF, the premium to NAV was highest in the early stages, when the strategy attracted attention. For Strategy, mNAV peaked at the end of 2024 during the Bitcoin rally, when demand for leveraged BTC exposure was strong.

In 2026, maintaining the model became more difficult: Bitcoin fell from a record high above $126,000 in October last year to below $60,000, then recovered to around $86,000.