Report: Why Investors Pay $2 for $1 of Bitcoin – Analysis on Digital Asset Treasuries

Executive Summary

Investors routinely pay $200 for assets worth $100 in public markets. Anyone would call it irrational. The data tells a different story.

This report analyzes 33 publicly traded bitcoin-focused companies (both pure bitcoin treasuries and bitcoin miners) across global markets. The data shows that these companies’ market capitalizations range from 0.20x to as high as 37x of their underlying bitcoin Net Asset Value (NAV), with an average of 4.07x and a median of 1.75x. The NAVs themselves span from $15.5 million to $71.7 billion, offering scale from niche microcaps to industry leaders.

These significant differentials are not random. Quantitative analysis reveals that a minority trade at discounts (as low as 0.2x) due to operational or jurisdictional risk, while most cluster tightly between 1.0x and 3.0x, reflecting what the market sees as fair value for quality exposure to bitcoin. Outliers above 5x almost always have unique circumstances (like geographic scarcity or corporate restructuring) rather than stable productive premiums.

Throughout this report, we contextualize these numbers with the structural and qualitative factors that drive them, including access to capital markets, exchange listings, geographic risk, and transparency of operations.

Our aim is to replace anecdotal explanations with data-driven insights, quantifying the range of market cap/NAV ratios and pinpointing the concrete factors that separate premium DATs from discounted ones.

Read our full report here.