Recently, DWF Ventures published a report revealing that the corporate crypto treasury model faces a critical turning point as the premium over the value of its holdings fades. The study detailed that only four of the top twenty digital asset treasury (DAT) firms by assets under management trade above their net asset value (mNAV greater than 1), undermining companies’ ability to raise capital without diluting shareholders.
— DWF Ventures (@DWFVentures) September 24, 2026
This loss of traction exposes the vulnerability of corporate strategies to market volatility and cooling institutional interest. The lack of premiums breaks the financing playbook popularized by Strategy, complicating reserve accumulation. The impact is already tangible: French tech firm Sequans Communications liquidated its remaining 314 BTC, formally abandoning its crypto balance sheet strategy after redeeming convertible debt.
Companies operating with crypto reserves must rethink their financial sustainability amid widespread discounts against their underlying assets. The next phase for the sector will depend on a sustained rebound in demand for leveraged exposure or an imminent wave of corporate consolidation.
Source: https://x.com/DWFVentures/status/2103108868071190610
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