Only four of the top 20 publicly traded “digital asset treasury” (DAT) companies—firms that aggressively hold crypto assets—have stock market capitalizations exceeding the value of their holdings, according to research from DWF Ventures, the investment arm of crypto market maker DWF Labs.

The report, titled “Are DATs worth holding?” and published on September 24, analyzed the top 20 companies by assets under management (AUM) in crypto holdings. It found that only four companies have an mNAV—a metric calculated by dividing stock market capitalization by the value of held assets—above 1x. Furthermore, when comparing returns since inception, the report concludes that the majority of these companies have underperformed compared to…