16 of top 20 crypto treasury firms trade below value of holdings: DWF Ventures

Only four of the top 20 crypto treasury companies are trading with equity values above the value of their holdings, while the other 16 have a market cap-to-net asset value ratio below 1.0, DWF Ventures said in a report, according to Crypto Briefing. That implies, in theory, investors could buy shares in those 16 companies and liquidate the underlying crypto for more than the purchase price. The report said the market is valuing most of these companies below the token value they hold and argued the issue lies in their structure, adding that the way these companies grow could undermine their foundations.