CoinMeta data: The latest analysis shows that among the 20 largest crypto asset companies, only 4 have trading prices higher than the value of their token reserves. DWF Ventures compared the stock prices of these companies with the performance of their held tokens and found that for most companies, the ratio of market capitalization to net asset value ( mNAV ) is less than 1, meaning that the value of their stocks is lower than that of their crypto assets. The analysis indicates that since the companies began implementing asset strategies, the returns on holding the underlying tokens have generally been superior to purchasing their stocks. The analysis also mentions that some companies have performed better on the stock market in the short term than their tokens, partly due to investors' expectations for the companies' future.