Nearly 50% of publicly traded companies holding Bitcoin treasuries, often referred to as Digital Asset Treasuries (DATs), are currently valued by the market at less than the worth of their digital asset holdings. Data from BitcoinTreasuries.net reveals that approximately 40% of the top 100 firms with Bitcoin reserves are trading below their net asset value (NAV) based on their BTC assets.
At present, at least 37 such companies are experiencing market valuations lower than their NAV, marking a significant shift compared to the second and third quarters of 2025 when Bitcoin prices were reaching historic highs.
During the first nine months of last year, most treasury firms enjoyed substantial premiums over NAV. This allowed them to issue shares above their Bitcoin’s intrinsic value, raise additional capital efficiently, and acquire more coins without diluting existing shareholders immediately. Collectively, nearly 200 public entities now hold over one million Bitcoins combined—valued around $96 billion in early 2026.
The leading five BTC DATs by volume include Strategy with a massive holding of 672,497 BTC and MARA Holdings owning about 53,250 coins. Other notable holders include Twenty One Capital with 43,514 Bitcoins; Metaplanet controlling roughly 35,102; and Bitcoin Standard Treasury possessing close to 30,021 coins.
The Decline Of The DAT Model: Sharp Drops In Market-to-NAV Ratios
When Michael Saylor’s company Strategy (formerly MicroStrategy) began accumulating Bitcoin through convertible notes and equity offerings back when BTC was priced just above $11K per coin—few could have predicted what came next. Fast forward five years: although October saw an all-time peak near $126K per coin which should have delighted MSTR investors—the reality proved more complex.
The model faltered as stock prices plunged alongside a steep drop in bitcoin values exceeding thirty percent within three months alone. Several firms had purchased near peak prices making it difficult for share issuance strategies tied directly to buying bitcoins remain viable once equity trades fell beneath NAV levels—exposing these businesses to harsh market forces and investor scrutiny alike.
A December report from BitcoinTreasuries.net highlighted that only one firm among these treasuries—the France-based Blockchain Group—outperformed the S&P500 index during calendar year 2025 while US equities returned about sixteen percent overall.
All other treasury companies lagged behind this benchmark significantly; moreover nearly sixty percent spent more acquiring bitcoin than those holdings’ current valuation justifies. While Strategy previously traded at twice its bitcoin value last year—it now faces a seventeen percent discount relative to its net asset base.
Lesser-known players such as Sweden’s H100 Group trade at discounts nearing thirty-two percent whereas Vanadi Coffee shows an even steeper sixty-one percent markdown against its underlying BTC assets—with several others hovering close enough that any slight downturn could push them below NAV thresholds making them vulnerable targets if bitcoin prices continue declining further still.
Troubling Signals: Delisting Risks And Criticism Labeling DATs As Scams
The crypto community has not been shy about criticizing these digital asset treasury companies amid recent struggles—with some accusing them outright of triggering downward pressure on cryptocurrency markets due primarily due to aggressive accumulation tactics gone awry.
An outspoken user on platform X condemned these entities saying “Every single one is essentially a pump-and-dump scheme preying on common shareholders.” They added “Preferred shares won’t rescue failing business models lacking profitability—they’re scams masquerading under ‘DAT’ or ‘Bitcoin treasury company’ labels.”
Certain firms feeling pressure from negative mNAV figures have begun retreating from active purchases—for example Prenetics—a health sciences enterprise that started buying bitcoins in mid-2025 halted acquisitions by early December according to Cryptopolitan reports—and shifted focus toward IM8 nutritional supplements co-founded by former England football captain David Beckham instead.
Prenetics CEO Danny Yeung stated “We’re taking measured strategic steps informed by operational experience aimed squarely at maximizing long-term shareholder returns.”
Meanwhile MSCI’s upcoming decision scheduled for January 15 regarding exclusion policies targeting companies holding large amounts of BTC may force affected DATs listed on NYSE into selling between $10 billion and $15 billion worth over twelve months if approved—as estimated by advocacy group BTC for Corporations promoting corporate adoption efforts across industries worldwide.
BTC for Corporations representatives engaged constructively with MSCI leadership before year-end discussions concluded according to executive director George Mekhail who described talks as very positive overall despite looming challenges ahead in this niche sector.
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