Bitcoin Treasury Companies Collapse: Nearly 40% Now Trade Below NAV

Bitcoin treasury companies are facing mounting valuation pressure as nearly 37 of the top 100 firms now trade below the net asset value of their Bitcoin holdings. This means roughly 40% of major treasuries are worth less than the cryptocurrency they hold. Analysts warn that the era of premium-driven growth that fueled the sector in 2025 is ending.

For much of last year, treasury companies could issue stock above their Bitcoin value and reinvest in additional coins without diluting shareholders. This cycle attracted hundreds of new firms, including traditional companies with no prior crypto exposure. The combined Bitcoin holdings of public treasuries now exceed 1 million coins, valued at nearly $96 billion. Yet, the strategy relies entirely on a market premium, which has vanished.

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Premium Era Ends, Discounts Deepen

Companies like Strategy, previously trading at more than double their Bitcoin holdings, now show a 17% discount. Other top treasuries, including Twenty One Capital, face similar shortfalls. Smaller players are even more exposed: Sweden-based H100 Group trades at a 32% discount, while Vanadi Coffee sits at a staggering 61% below its BTC value. Several firms hover at parity, leaving them vulnerable to minor market moves.

The shift mirrors the 2020 collapse of Grayscale BTC Trust. In those days, Grayscale traded at a 40% premium until it was affected by BTC ETFs. It subsequently traded at discount levels, causing losses for investors who were heavily invested in it because of its premium. This is expected to happen again, with treasury firms being unable to scale through equity issuances.

Consolidation and M&A on the Horizon

The implications affecting the BTC market from the collapse of the premium model are widespread. A company quoted below its net asset value cannot offer new stocks without diluting the current shareholders. For instance, take a treasury holding $100 million in bitcoin, which is valued 30% lower; it cannot offer new stocks without diluting the shareholders. This marks the end of the expansion model for Bitcoin.

Analysts see consolidation on the horizon as many treasuries are weak enough to become targets for acquisitions. Strive bought Semler Scientific in September. This is just the beginning. The strongest treasuries are likely to survive this shakeout and continue their expansion by acquiring their weaker competitors, analysts believe. The result may leave treasuries smaller and stronger.

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