Digital asset treasury companies (DATs) are public companies that hold Bitcoin, Ethereum, or other crypto on their balance sheet as a core strategy. This dashboard tracks each treasury’s holdings, market value, and mNAV, the premium or discount the stock trades at versus the crypto it holds.

What is mNAV?

mNAV is the ratio of a company’s market value to the value of the crypto it holds. Above 1 means the stock trades at a premium to its treasury, below 1 means a discount.

Why do companies hold crypto on their balance sheet?

Treasury companies give equity investors crypto exposure through a regular stock, and can grow crypto per share by issuing shares at a premium and buying more. The strategy started with Bitcoin and has expanded to Ethereum, Solana, and other assets.