Skip to content
- At least 37 of the top 100 Bitcoin treasury companies now trade below their net asset value.
- Trading below NAV blocks these companies from raising capital without harming shareholders.
- The Bitcoin treasury boom of 2025 is now facing a sharp slowdown.
The Bitcoin treasury trend that dominated 2025 is slowing sharply. Data from BitcoinTreasuries.net shows that at least 37 of the top 100 companies now trade below the value of their Bitcoin holdings. Nearly 40% of major treasuries are worth less than the cryptocurrency they hold.
For most of 2025, firms enjoyed a premium on their Bitcoin holdings. They were able to issue new stocks that are worth more than their Bitcoin holdings, and they could purchase more Bitcoin and continue the cycle.
Hundreds of companies have rushed into the fray without ever having anything to do with cryptocurrency before. Today, close to 200 publicly traded companies own a total of over a million Bitcoins valued at $96 billion. A firm called Strategy is a leader in its industry and has a stock price with a value over twice that of its BTC from last year. Today, however, a 17% discount is being offered.
Bitcoin Treasuries Underperform Market Benchmarks
The market dynamics changed in October. The majority of treasuries performed worse compared to common indices. However, The Blockchain Group in France performed better than S&P 500’s 16% return in 2025. Macro strategist Alex Kruger compared it to the collapse of Grayscale Bitcoin Trust in 2020.
It traded at a 40% premium prior to the availability of exchange-traded funds, which facilitated regulated investment in Bitcoin. The premium crashed, and those who purchased at a high price incurred heavy losses.
These 37 companies are trading lower than NAV and include big names such as Strategy and Twenty-One Capital with a discount of 17% each, and smaller names such as H100 Group with a discount of 32% located in Sweden. Vanadi Coffee is the company that faces the greatest possible loss, 61% lower than the Bitcoin it owns.
Bitcoin Companies Can’t Grow by Issuing Stock
When traded below their net asset values, there are restrictions on growth. A company cannot issue stock to acquire more Bitcoin without negatively affecting shareholders. A company with a treasury holding of $100 million in Bitcoin but with a total of $70 million in market capitalization cannot issue stock to augment their Bitcoin holdings without incurring dilution.
This is because it marks the end of the “buy and grow” scenario experienced by Treasuries in 2025. The Treasuries will instead rely on “hold and hope” rather than growing through the capital markets. A consolidation is expected in 2026. Treasuries with stronger performance may take over Treasuries with poorer performance, thus ensuring a
Investors and industry leaders believe that the industry is about to experience rationalization. The era of the boom is now over. The survivors will be the dominant ones. The weaker ones might be acquired or will most likely fade away.
Related Reading: Bitcoin Surges to $150K+ by 2026 End: Haseeb Qureshi’s Bold Prediction
