Crypto treasury model loses its edge as stock premiums fade: DWF
Most DATs now trade below the value of their crypto holdings, weakening a financing model that once helped companies expand their balance sheets.
Asanat Analysis — Why it matters
Crypto-native companies historically used treasury diversification (DATs—digital asset treasuries) as a financing lever, accumulating BTC, ETH, and other holdings that traded at premiums to underlying asset value. That spread compressed as institutional adoption normalized valuations and retail enthusiasm waned. When a company's treasury trades below net asset value (NAV), it signals market skepticism about either management's stewardship of those assets, future cash flow generation, or both—effectively removing the arbitrage that once made treasury building attractive.
The fade in DAT premiums reflects a maturation that cuts both ways. On one hand, it eliminates a form of financial engineering that masked operational weakness. On the other, it reduces balance-sheet optionality for cash-constrained startups that relied on treasury gains to fund development without dilutive equity raises. This pressures teams to demonstrate actual revenue or adopt more traditional venture financing, potentially consolidating the sector around fewer, more operationally sound players while weakening those dependent on treasury arbitrage rather than product-market fit.