Only 4 of the 20 largest crypto treasury companies still trade at a premium to their crypto holdings. A new DWF Ventures report shows Bit Digital $BTBT, Strive $ASST, Hyperliquid Strategies $PURR, and BitMine $BMNR are the only four trading at an mNAV above 1. The other 16 trade at a discount. That matters because the crypto treasury model relies heavily on companies being able to raise capital at a premium and use it to buy more crypto without heavily diluting existing shareholders. Once that premium disappears, the flywheel starts to break down. Most crypto treasury stocks have also underperformed simply holding the underlying crypto since adopting their treasury strategies. Strategy $MSTR pioneered the model with its first $BTC purchase in 2020, but premiums across the sector have generally been strongest early on, when the trade was still new. Strategy’s own premium peaked during Bitcoin’s late 2024 rally. Standard Chartered previously warned collapsing mNAVs could drive consolidation, while Galaxy Digital noted the model depends heavily on maintaining an equity premium to NAV. The trade that once allowed these companies to raise capital and aggressively accumulate crypto is losing its biggest advantage. The premium is disappearing.