In accordance with DL News, digital asset treasuries (DATs) are shifting from a land grab to a survival-of-the-fittest competition in 2026. After a year in which nearly 200 public companies added $96 billion in Bitcoin and 68 added over $22 billion in Ether to their balance sheets, many are now struggling as market-to-net-asset value (mNav) premiums have collapsed. Strategy, once trading at a sevenfold premium, now has a 21% discount, while Metaplanet’s mNav dropped from 237% to 10%. Experts warn that only the highest-quality DATs with strong cash reserves and disciplined strategies will survive the bear market.
Crypto Treasury Firms Face Survival of the Fittest in 2026 as Premium Era Ends
DL NewsShare
Summary
Digital asset market players are entering a new phase in 2026 as the premium era for crypto treasuries ends. Over 200 public firms added $96 billion in Bitcoin and $22 billion in Ether in 2025, but mNav premiums have since collapsed. Strategy now trades at a 21% discount, and Metaplanet’s mNav fell from 237% to 10%. Experts say only DATs with strong cash and disciplined strategies will survive. Altcoins to watch may emerge as the market sorts winners from losers.
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