Dual Framework for Digital Asset Treasuries Beyond mNAV

Digital Asset Treasuries (DATs) now hold over $117 billion in BTC, ETH and SOL, yet relying solely on mNAV (market cap / net asset value) can obscure true performance drivers. Our unified analysis introduces a dual evaluation framework that separates fundamental NAV growth from market sentiment and rigorously assesses treasury issuance discipline. Key metrics include NAV, mNAV, per-share digital asset accumulation, share issuance impact and debt adjustments. Leading DATs such as MSTR, BMNR and HSDT sustain per-share asset growth through prudent capital issuance, while lower-tier issuers face steep discounts amid dilution and sentiment shifts. Critical data gaps—warrants, PIPE timing and on-chain disclosures—distort NAV and hinder transparency. We advocate for standardized SEC filings, structured data feeds and enhanced on-chain reporting. Crypto traders should apply this comprehensive model to identify sustainable value creators in the DAT sector and avoid emotional traps that can erode returns.