MicroStrategy trades at a premium to its Bitcoin holdings. Other Bitcoin Digital Asset Treasury (DAT) companies may trade at a discount. Here’s the question most investors can’t answer: Why is that so? I keep seeing people get excited about crypto stocks “trading at a discount to NAV.” The logic goes: the stock is cheaper than the crypto it holds, so eventually the price will “catch up” to the asset value. Free money, right? SharpLink ($SBET) is an ETH DAT trading at 0.8x mNAV (Nov 2025) Wrong. The way I see it, discounts aren’t pricing errors waiting to correct. Discounts are the default state for most crypto treasury companies. If you don’t understand why, you’re going to lose money chasing “cheap” stocks that deserve to be cheap. Let’s try to explain the mental model that some folks in the space have referenced, and it separates permanent discounts from rare premiums....