Digital asset treasury (DAT) companies—public vehicles that hold crypto and aim to finance growth through a trading premium over their crypto holdings—are losing much of their early advantage, according to a report released this week by DWF Ventures. In its analysis of the 20 largest DATs by assets under management, DWF found that only four trade above their “mNAV,” a metric that compares a company’s market value to the value of its underlying crypto holdings. The implication is straightforward: investors appear less willing to pay extra for crypto exposure through listed balance sheets, shrinking one of the model’s key funding mechanisms.