At the Digital Asset Summit, a panel featuring Ben Forman (ParaFi Capital), Seth Ginns (CoinFund), Christian Lopez (Cohen & Company Capital Markets), and Jeffrey Park (ProCap BTC) examined whether digital-asset treasuries (DATs) can evolve from speculative vehicles into durable public-market instruments.

Oversupply and Differentiation

According to Ben, the market has simply become saturated: “There are too many DATs, and not enough demand.” With more than 60 percent trading below their market net-asset value (mNAV), many face strategic decisions, from buy-backs to mergers or pivots into operating businesses.

Seth added that performance in the sector follows a power-law distribution: a handful of DATs dominate liquidity, while the majority experience limited trading volume. That liquidity gap is critical, he noted, because it underpins the ability to issue primary shares, raise capital, and maintain investor confidence.

Technical Mechanics Behind Discounts

Christian unpacked a lesser-known factor in DAT performance: registration dynamics. DATs that register all outstanding shares simultaneously often trigger mass selling once lock-ups expire, overwhelming bid support and driving prices below mNAV. Some newer structures mitigate this through staggered registration or 30-day lock-ups.

Jeffrey emphasised that asymmetric information compounds these pressures. The most informed market participants are often restricted by lock-ups and therefore cannot help market the project or tell its story. This leaves retail investors to react to volatile price signals without full context.

Consolidation on the Horizon

All panellists anticipated M&A activity as stronger vehicles acquire discounted peers, though the expected timing varies. Ben noted that a DAT trading at 0.9× mNAV effectively allows an acquirer to purchase the underlying asset at a 10 percent discount and expects larger DATs to take advantage of this. 

Jeffrey pointed to Strive’s all-stock acquisition of Semler Scientific as proof of concept, adding that being a public company is expensive, therefore scale and diversification will become prerequisites. Christian, however, expects M&A to take time, with many DAT management teams still seeking to prove they can deliver value for their investors and need time to do so. 

Transparency and Valuation Challenges

While transparency was universally praised, its interpretation remains fragmented. Ben argued that crypto’s on-chain data already exceeds TradFi disclosure standards, yet inconsistent mNAV methodologies obscure comparability. Christian countered that regulatory limits restrict real-time disclosure, while traditional data providers such as Bloomberg still lack coverage for DAT holdings.

Seth encouraged investors to read the relevant SEC filings and understand capital structures, particularly when buying at a premium to NAV before PIPE investors are liquid. Retail enthusiasm, he warned, too often outpaces due diligence.

Beyond mNAV: Building Durable Yield

Jeffrey suggested that fixation on mNAV as a benchmark misses the point. He explained that mNAV is an output of value creation, not the starting point. His team at ProCap BTC aims to operate as a permanent-capital vehicle denominated in BTC, generating real yield on premium collateral and reinvesting proceeds to scale exposure. Christian observed that some DATs will need to adopt cash-flow acquisition models, using operating businesses to generate yield where financial-engineering strategies, such as those adopted by MicroStrategy, are unavailable. These different mechanisms will allow DATs to trade above mNAV as a product of value creation, rather than speculation. 

The Road Ahead

The DAT ecosystem is only eight months old, but its learning curve is steep. Education, disclosure, and credible governance are becoming differentiators as projects transition from novelty to institution-grade financial products.

For investors, the key signals of resilience will be:

• Consistent trading volume and liquidity;

• A transparent mNAV methodology; and

• Leadership teams capable of balancing innovation with market discipline.

Key Takeaway

Digital-asset treasuries are testing whether tokenised exposure can coexist with public-market accountability. The coming phase will be marked by consolidation, clearer valuation standards, and professionalised governance. This will determine whether DATs become a permanent bridge between traditional finance and the crypto economy, or remain an early-cycle experiment.