DWF Ventures analyzed 20 digital asset treasury companies and found that only four trade above the value of their crypto holdings. The report uses the market-value-to-net-asset-value ratio, which compares market capitalization to asset holdings. Bit Digital leads the list with a ratio of 1.49x, followed by Strive at 1.21x, Hyperliquid Strategies at 1.17x, and BitMine at 1.02x.
MicroStrategy, the largest corporate Bitcoin holder, currently sits at 0.97x, while SovereignAI ranks at the bottom with 0.22x. These figures exclude debt and preferred stock obligations. The report suggests that the historical access premium for these stocks has diminished as institutions gained direct access to crypto through ETFs, regulated private funds, and specialized custody services.
While tokens have historically outperformed treasury stocks since inception, shares have seen a short-term rally. Between July and September, some stocks outperformed their underlying tokens by 15% to 40%, with mNAV ratios rising from 0.5x–0.8x to 0.7x–1.0x. Hyperliquid Strategies outperformed its token by 31%, and Cypherpunk Technologies beat its asset by 38%.
DWF Ventures attributes this recent performance to market sentiment rather than changes in token holdings per share. Looking ahead, the firm warns that capital structures and debt obligations will heavily influence future valuations. Specifically, companies with significant preferred dividend obligations may face pressure to sell assets, potentially diluting shareholder value.
