Dual Framework for Digital Asset Treasuries Beyond mNAV

Digital Asset Treasuries (DATs) don hold over $117 billion for BTC, ETH and SOL but if you just dey rely on mNAV (market cap / net asset value) e fit hide wetin really dey drive performance. Our one analysis show one correct dual framework wey separate fundamental NAV growth from market feeling plus e strong to check treasury issue discipline. Key metrics na NAV, mNAV, per-share digital asset growth, share issuance effect plus debt adjustments. Top DATs like MSTR, BMNR and HSDT dey keep per-share asset growth through careful capital issue, but low-tier issuers dey get heavy discount because of dilution and how market dey feel change. Critical data wey miss—warrants, PIPE timing and on-chain disclosures—e dey distort NAV and make transparency hard. We dey push for standardized SEC filings, structured data feeds and better on-chain reporting. Crypto traders suppose use this full model to sabi sustainable value makers for DAT sector and avoid emotional traps wey fit kill returns.