According to Matt Hougan, there is widespread misanalysis of digital asset treasury companies (DATs), particularly on whether they should trade at, above, or below the market value of the assets they hold, or mNAV, and he outlines his approach to this premium/discount question in a new X thread. Source: Matt Hougan on X, Nov 23, 2025.

According to @GracyBitget, after the U.S. market open MicroStrategy’s (MSTR) market capitalization dropped to about 64.4 billion dollars, slipping below the market value of its 641,692 BTC treasury, implying an mNAV multiple below 1.0, source Nasdaq MSTR page and Coinglass Bitcoin Treasuries. She noted the 641,692 BTC represents roughly 3 percent of Bitcoin supply and is valued around 65 to 68 billion dollars, underscoring the disappearance of the DAT mNAV premium that historically supported these equities, source Coinglass Bitcoin Treasuries and @GracyBitget. She added that this price action signals investors may prefer direct BTC exposure over MSTR when liquidity is tight, and warned that if risk sentiment remains weak, other DAT equities could face broader multiple compression and sector-wide repricing, source @GracyBitget. She cautioned that DAT stocks can amplify downside versus their underlying BTC and can enter death spirals in drawdowns, citing prior blowups as a reminder of structural risk, reinforcing near-term caution for DAT exposure, source @GracyBitget. For trading, monitoring MSTR’s mNAV discount range and whether it persists toward 0.5 to 0.8 as flagged by the author is key, while a sustained sub-1.0 mNAV implies BTC spot may remain a cleaner exposure than DAT equities under compressed liquidity, source @GracyBitget and Nasdaq MSTR page.

According to @caprioleio, 30% of Treasury companies are trading below mNAV and rising, indicating a growing cohort priced at a discount to their referenced mNAV while market prices trend higher (source: Charles Edwards on X, Oct 20, 2025). A market price below NAV denotes a discount relative to the value of underlying holdings, a condition traders watch for relative value and potential discount narrowing in vehicles that report NAV or iNAV equivalents (source: Investopedia, Net Asset Value; source: Morningstar, Understanding Premiums and Discounts). Cross-asset traders also monitor such fixed income discounts alongside yields because bond-market dislocations can affect broader risk sentiment, and crypto has shown increasing comovement with risk assets since 2020 (source: BIS Bulletin No. 53, 2022; source: IMF Global Financial Stability Note, 2022).

According to @MilkRoadDaily, SBET is trading below mNAV 1, signaling the shares are priced under the market value of the ETH it holds (Source: @MilkRoadDaily, X, Sep 7, 2025). According to @MilkRoadDaily, the existing 1.5 billion share buyback authorization is most powerful in this setup, allowing the company to repurchase stock at a discount to its underlying ETH exposure (Source: @MilkRoadDaily, X, Sep 7, 2025).