market-adjusted NAV

.Digital‑asset treasuries (DATs) are publicly listed firms that hold crypto like Bitcoin or Ether on their balance sheets, giving investors indirect exposure through equity. Their numbers grew from under ten in 2021 to about 190, controlling roughly $100 billion. DATs aim to outperform holdings via tools such as premium‑linked share issuances and staking yields, offering regulated access for institutions. Recent crypto price drops have pushed many DATs below net‑asset‑value parity, causing discounts, liquidity pressures, and potential forced sales that could amplify market volatility. Observers view the sector as in correction, but firms diversifying assets and generating on‑chain yield may survive.