Only four of the top 20 digital asset treasury (DAT) companies trade above the value of their crypto holdings, DWF Ventures said in a September 24 report using data from September 21. Bit Digital led with an mNAV of 1.49x, followed by Strive at 1.21x, Hyperliquid Strategies at 1.17x and BitMine at 1.02x. Strategy, the largest corporate Bitcoin holder, traded at 0.97x, while SovereignAI ranked last at 0.22x. DWF said the figures exclude debt and preferred stock. The firm attributed the broader discounts to a shrinking access premium as institutions gain more ways to obtain crypto exposure through ETFs, regulated private funds and custody services. Most DAT stocks have underperformed their underlying tokens since inception, although several outpaced them by 15% to 40% since July as tokens per share barely changed, suggesting sentiment drove the short-term rally. DWF expects boards and capital structures to play a larger role in valuations, highlighting risks from debt and preferred dividends at Strategy. The trend adds pressure to a model whose equity premium has supported crypto accumulation without immediate shareholder dilution.