What happened.

Sequans sold its remaining 314 BTC, completing an exit from a bitcoin treasury that had once held more than 3,200 BTC. Separately, DWF research cited by Cointelegraph found that most digital-asset treasury companies trade below the value of their holdings. At SkyAI, a Solana treasury company, shareholders kept the board in place after a protest but rejected an equity-pay vote.

Why it matters.

A discount to net asset value can weaken the financing loop behind the treasury model: issuing equity at a premium to asset holdings becomes less advantageous when that premium fades. Sequans’ full unwind and the reported broad discount together indicate that the listed-company wrapper is under pressure, while SkyAI’s vote shows shareholder scrutiny of governance and dilution-related decisions.

Important limit.

The record does not provide the underlying DWF dataset, the size or composition of the companies assessed, their precise discounts, or Sequans’ reasons for selling. It supports a signal of pressure, not a conclusion that every digital-asset treasury will unwind or that the model has failed.

What to watch

Watch the next balance-sheet disclosures, asset sales or purchases, equity-issuance plans, and shareholder votes from digital-asset treasury companies for evidence of whether discounts persist and constrain funding.

Sources and limits

Upstream references and independent checks

Digest dated 2026-09-25 · upstream model sonnet. Direct links are matched to all 3 upstream source IDs.

  1. 1
    Sequans exits Bitcoin treasury strategy after selling remaining 314 BTCDirect upstream source · a8b53e59429b65f7c1ece1bf39989a6411062ba0
  2. 2
    Crypto treasury model loses its edge as stock premiums fade: DWFDirect upstream source · 05c9a390af82568c12e319c66ef62ce32c6e2099
  3. 3
    Solana treasury firm SkyAI keeps board after shareholder protest, loses equity plan voteDirect upstream source · b11229acaa745ff6f7d019548f8f9642ace156a5

This Research brief was generated by Terra from a dated upstream research digest. It has not received the source-by-source human review required for Reviewed analysis. Material limit: The most material evidentiary limit is that the broad below-NAV finding is reported secondhand from DWF research, without its underlying methodology or data in the supplied record.