A new analysis found that most publicly listed Digital Asset Treasuries trade below the value of their crypto holdings and that investors have usually done better by owning the underlying tokens directly.

The study examined the 20 largest Digital Asset Treasuries by assets under management and found that only four were trading at a market-to-net-asset-value ratio above one.

Digital Asset Treasuries, or DATs, are listed companies that make the accumulation and management of digital assets central to their business model. Unlike exchange-traded funds, which aim to track an underlying token closely, DATs trade as operating businesses, and their share prices also reflect financing choices, investor sentiment, and corporate…