DWF Ventures Puts Strategy's Bitcoin (BTC) mNAV Below Par at 0.97x

Only Four of 20 Beat Their Holdings

Only four of the twenty largest crypto treasury companies currently trade above the value of their digital asset holdings, according to a September 24 research report that DWF Ventures published on X. Digital asset treasuries (DATs) are listed companies built around buying and holding crypto, and their core valuation metric is market-value-to-net-asset-value (mNAV) — a comparison between a firm's market capitalization and the market value of the tokens on its balance sheet. A reading below 1.0x means the stock changes hands at a discount to the assets behind it, so equity buyers are, on paper, acquiring the underlying tokens cheaper — but only if the gap ever closes. Using balance-sheet data as of September 21, Bit Digital tops the ranking at 1.49x, followed by Strive at 1.21x, Hyperliquid Strategies at 1.17x and BitMine at 1.02x. Strategy, the largest corporate Bitcoin (BTC) holder, sits at 0.97x on DWF's count, while SovereignAI anchors the table at 0.22x. The firm noted that these mNAV figures exclude debt and preferred stock, meaning leverage-adjusted discounts run deeper still. The report traces the discounts to a shrinking access premium. Institutions once paid extra for DAT shares because regulated funds struggled to own spot crypto directly, making a listed treasury wrapper the only compliant route to exposure. That door has opened: institutional buyers can now choose from exchange-traded funds, regulated private funds and crypto wallet and custody infrastructure that allows direct deployment — an option that did not exist before. DWF also points to the SEC's proposal to accelerate the ETF listing process by more than 75%, which multiplied the menu of compliant vehicles and stripped scarcity value from the treasury-stock format. The market is repricing DAT equity down toward asset value, and sixteen of the twenty largest names have already slipped under water.

published on Xhttps://x.com/DWFVentures/status/2103108868071190610

A Catch-Up Trade With a Shelf Life

Performance data in the same report explains why that discount has proven durable. Since inception, DWF found investors were mostly better off simply holding the token; the handful of DATs that beat their underlying assets did so by margins too thin to justify the added equity risk, and buyers seeking leveraged or directional exposure could already obtain it through regulated contract trading products rather than a treasury proxy. Shorter windows tell a different story. Since July, treasury shares have outrun their tokens by 15% to 40%, and mNAV ratios have climbed from lows of 0.5x to 0.8x into a range between 0.7x and 1.0x. The mechanism is largely mechanical: when the multiple sits near its lows, a modest token recovery is amplified at the equity level as the discount compresses, making the rally a catch-up trade rather than alpha. Hyperliquid Strategies (PURR), which holds Hyperliquid (HYPE), gained 31% more than its token over the span, while Cypherpunk Technologies (CYPH), the Zcash (ZEC) treasury, outperformed ZEC by 38%. Crucially, tokens per share barely moved during the run, which leads DWF to read the outperformance as sentiment — a wave closer to trading-floor FOMO than to balance-sheet improvement, and one with a shelf life of roughly three months before the token reasserts itself as the better hold. Looking ahead, DWF expects boards and capital structures to play a growing role in how DATs are valued. Its case study is Strategy: the firm ranks debt holders first and carries steady preferred dividend obligations, and the report warns those payments could eventually force Bitcoin sales that dilute common shareholders. Once confidence cracks, DWF argues, Strategy's mNAV could tip into a downward spiral — the same premium mechanism working in reverse. Readers tracking the market in real time can follow live spot and futures prices on Gate.

Capital Structure Becomes the Valuation Driver

Our read of the figures in the official post is straightforward: this report marks the end of the DAT premium era. With ETFs, private funds and custody making direct exposure cheap, a listed wrapper no longer earns scarcity value — a repricing that echoes the DeFi 2.0 debate over whether on-balance-sheet crypto treasuries add or destroy value. What remains is capital-structure engineering: dividend obligations, debt priority and dilution risk now drive the multiple, which is why Strategy's 0.97x reading on the largest corporate BTC stash carries more signal than Bit Digital's 1.49x at the top of the table. Expect mNAV dispersion, not convergence, as boards diverge.