Swan.my.id | Jakarta - Crypto or treasury stocks? That question is gaining attention as more public companies build large digital asset holdings. DWF Ventures recently compared direct crypto ownership with shares of companies that hold crypto as a major treasury asset.
The analysis examined 20 of the largest crypto treasury companies using data available as of September 21, 2026. The results showed a notable gap between the market value of many treasury stocks and the value of the crypto assets they hold.
Only four companies in the group recorded a market net asset value, or mNAV, above 1. That means most of the companies traded at a discount to the value of their crypto holdings based on the methodology used by DWF Ventures.
Crypto or Treasury Stocks? Understanding the mNAV Gap
Crypto treasury companies, also known as digital asset treasuries or DAT companies, are public companies that hold cryptocurrencies as a major part of their corporate assets.
Strategy is one of the best-known examples. The company has made Bitcoin a central part of its treasury strategy. Other public companies have also adopted similar models involving Bitcoin and other digital assets.
DWF Ventures used mNAV to compare these companies with the crypto assets they hold. The metric provides a simple way to examine how the stock market values a company relative to its crypto treasury.
An mNAV above 1 indicates that the stock trades at a premium to the value of its crypto assets. Meanwhile, an mNAV below 1 suggests that the stock trades at a discount.
Among the 20 companies analyzed, four had an mNAV above 1:
- Bit Digital: 1.49x
- Strive: 1.21x
- Hyperliquid Strategies: 1.17x
- BitMine: 1.02x
The remaining companies had mNAV readings below 1 under DWF Ventures' analysis. Strategy, for example, stood at 0.97x.
SovereignAI recorded the lowest figure in the group at 0.22x. DWF noted that its calculation did not include debt and preferred shares. Therefore, the mNAV figures should not be viewed as a complete valuation of each company.
Why Treasury Stocks Can Trade Below Crypto Values
The difference between a company's stock price and its crypto holdings can have several explanations. One factor highlighted by DWF Ventures is the growing number of ways investors can gain exposure to digital assets.
Institutional investors now have access to products such as crypto exchange-traded funds, regulated private funds, and institutional custody services. As a result, buying a treasury company's stock is no longer the only way to gain exposure to a cryptocurrency.
This development can change the role of crypto treasury companies in the market. Investors may compare the potential benefits of holding the stock with the advantages of owning the underlying digital asset directly.
A treasury stock also represents ownership in an operating company. Therefore, its market price can reflect more than the value of its crypto holdings.
Investors may also consider corporate expenses, debt, preferred stock obligations, capital structure, management strategy, and future financing needs. These factors can cause a treasury company's stock to move differently from the cryptocurrency in its balance sheet.
Because of that, a rise in Bitcoin or another cryptocurrency does not automatically translate into an equal rise in the related treasury stock.
Short-Term Performance Can Tell a Different Story
DWF Ventures' analysis also showed that treasury stocks can outperform their underlying crypto assets over shorter periods.
Since July, several treasury stocks reportedly outperformed the digital assets held by those companies by around 15% to 40%.
Hyperliquid Strategies, for example, outperformed HYPE by 31% during the period highlighted by DWF. Cypherpunk Technologies also outperformed ZEC by 38%.
However, DWF suggested that these gains were largely related to changes in market sentiment. The amount of tokens held per share had not changed significantly in the examples discussed.
This distinction is important because stock prices can react to expectations surrounding a company's strategy. Investor sentiment, financing plans, market narratives, and changes in demand can all influence a company's valuation.
In other words, short-term stock performance may not always reflect changes in the underlying crypto holdings.
When DWF extended its comparison beyond three months, the analysis showed that direct ownership of the crypto assets performed better than most of the treasury stocks in its sample.
The result highlights a key difference between owning an asset and owning a company that holds the asset.
Strategy Faces Additional Corporate Obligations
Strategy also received particular attention in the DWF Ventures analysis.
Unlike direct Bitcoin ownership, investing in Strategy shares means investing in a company with its own financial obligations. DWF pointed to debt and preferred-stock dividend commitments as factors that investors need to consider.
These obligations can become more important during periods of financial pressure.
In a difficult scenario, the company could potentially need to sell some of its Bitcoin holdings to meet financial obligations. Such a move could create additional pressure on the company's stock, according to DWF's analysis.
However, this scenario should not be interpreted as a prediction that such a sale will occur. It represents a risk consideration based on the company's capital structure and obligations.
The comparison also demonstrates why treasury stocks cannot be treated as simple substitutes for cryptocurrencies.
What the DWF Data Means for Investors
The DWF Ventures analysis provides several points for investors to consider when comparing direct crypto ownership with treasury stocks.
Key differences include:
- Direct crypto ownership: Provides direct exposure to the price movement of the underlying digital asset.
- Treasury stocks: Provide exposure through a publicly traded company that holds crypto.
- Stock valuation: Can move based on corporate earnings, sentiment, financing, and capital structure.
- Debt exposure: Treasury companies may have financial obligations that direct crypto holders do not have.
- mNAV: Helps compare a company's market valuation with the value of its crypto holdings.
- Market access: Investors can now use ETFs and other regulated products for crypto exposure.
Therefore, the two approaches can have different risk and return characteristics.
A cryptocurrency holder is primarily exposed to the asset's market performance and the risks associated with that asset. A shareholder, meanwhile, also faces company-specific risks.
Direct Crypto and Treasury Stocks Are Not the Same Investment
The DWF Ventures data shows that buying crypto and buying a crypto treasury stock are not identical strategies.
Some treasury stocks can outperform their underlying cryptocurrencies, particularly over shorter periods. Market sentiment can create significant differences between a company's stock price and the value of its crypto holdings.
However, the longer-term comparison presented by DWF showed that most of the analyzed treasury stocks lagged behind the digital assets held by those companies.
The mNAV data also showed that only four of the 20 companies analyzed traded above the value of their crypto holdings under DWF's calculation.
At the same time, the analysis has important limitations. The figures represent a specific snapshot based on data available on September 21, 2026. Market prices, crypto holdings, corporate liabilities, and investor sentiment can change quickly.
For that reason, mNAV should be viewed as one analytical measure rather than a complete assessment of a company's value.
For investors comparing crypto with treasury stocks, the main distinction is exposure. Direct crypto ownership focuses on the asset itself, while treasury stocks combine crypto exposure with corporate and financial factors.
Understanding that difference can help investors interpret market movements more carefully, especially when a company's stock price moves sharply away from the value of its underlying digital assets.