Crypto treasury firms trade below holdings value as stock premiums fade: DWF

The premium-to-NAV model was the engine of the DAT trade: it let these firms issue stock above the value of their holdings and use the proceeds to accumulate more crypto. Trading below holdings value inverts that incentive, making equity issuance dilutive rather than accretive and potentially stalling balance-sheet growth. The affected cohort is the listed vehicles that leaned on this loop, plus the shareholders who underwrote it. Whether the discount persists, or whether these firms find alternative financing, is the open question.