The trend of companies accumulating bitcoin (BTC) on their balance sheets to attract investors took a drastic turn with the start of the new year, according to new reports. What was a cycle of euphoria is now emerging as a challenge for the sustainability of the sector, with many companies trading below the value of their reserves. According to data from BitcoinTreasuries.net, at least 37 of the top 100 companies with bitcoin treasuries are trading at discounts versus its net asset value (NAV). This is equivalent to almost 40% of the key players in the sector, whose shares are valued below the BTC they maintain on their balance sheets. Trading below the net asset value (NAV) implies that the market values these companies at less than their bitcoin reserves are worthwhich goes against the business model that drove the boom in 2025. The bonuses allowed shares to be issued above the value of BTC, raise fresh capital and buy more assets without diluting shareholders. Now, trading at a discount, any issuance of new shares to acquire more bitcoin would degrade value for existing investors as the market does not recognize the full value of the holdings. “The initial enthusiasm phase is over,” explained Brian Huang, co-founder of the investment platform Glider, in statements reported by specialized media. During the first nine months of 2025, many companies benefited from high premiums on their holdings. This scheme attracted dozens of companies and brought the total to almost 200 public companies that together accumulate more than one million BTC, equivalent to about 96 billion US dollars (USD).
From boom to adjustment
However, the decline accelerated last Octoberand the performance of these companies throughout 2025 lagged behind the traditional market. According to BitcoinTreasuries.net, only the French firm The Blockchain Group exceeded the 16% return of the S&P 500 for the year, while the rest underperformed the benchmark index. The rest lagged behind the S&P 500 and 60% of these treasuries invested more in bitcoin than it is currently worth. Analysts such as Alex Kruger, a macroeconomist, draw parallels with the Grayscale case five years ago. And in 2020, the fund was trading at a premium close to 40%, as it was the only regulated way for institutions to gain exposure to bitcoin. However, the arrival of BTC exchange-traded funds (ETFs) changed the landscape: the premium plummeted to a discount of around 50%, leaving many investors trapped and leading to sales at significant losses.
The situation is even more pronounced in small companiessuch as the Swedish group H100, which operates at a 32% discount, and Vanadi Coffee, whose valuation reflects a gap of 61% compared to its BTC reserves. Specialists predict a wave of consolidation. Katherine Dowling, president of Bitcoin Standard Treasury Company, said stronger treasuries will absorb weaker ones through mergers and acquisitions. A recent example is Strive’s purchase of Semler Scientific in September, made entirely in stock. Among the companies mentioned, the case of Strategy has gained prominence in recent months, after a sharp drop in its shares revived criticism from historical detractors such as Peter Schiff. The economist, as reported by BitcoinDynamic, questioned the sustainability of the company’s model by stating that «its shares are bankrupt and its business model is a fraud.»
