Only 4 of the 20 largest digital asset treasury (DAT) companies by assets under management trade above an mNAV of 1, according to a DWF Ventures report published Thursday. For a holder, that number is the whole story: when a DAT trades below mNAV, the public market values the company at less than the crypto on its balance sheet, so the coins inside are worth more than the stock that supposedly holds them. The four still trading above 1 are Bit Digital, Strive, Hyperliquid Strategies and BitMine.

The trade that stopped working

Michael Saylor’s Strategy pioneered the Bitcoin treasury model in 2020. The pitch was simple: a public company raises equity, buys BTC, and lets shareholders ride the coin through a regulated wrapper. When demand for…