Nearly Half of Bitcoin Treasury Firms Trade Below Net Asset Value
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jan 03 2026- Market Downturn: Approximately 40% of the top 100 Bitcoin treasury firms are trading below the net asset value of their BTC holdings, marking a stark contrast to the peak conditions seen in Q2 and Q3 of 2025, indicating a significant decline in market confidence.
- Capital Raising Challenges: During the past three quarters, most treasury firms enjoyed premiums allowing them to issue equity above Bitcoin's value, but now that stock prices have fallen below NAV, the business model of issuing new shares to buy Bitcoin has become uneconomical, exposing them to market pressures.
- Poor Industry Performance: Only one Bitcoin treasury company outperformed the S&P 500 in 2025, while others lagged behind the benchmark, with about 60% of firms spending more on acquiring BTC than their current holdings are worth, highlighting a lack of overall profitability in the sector.
- Potential Risks: As Bitcoin prices continue to decline, many smaller treasury firms like H100 Group and Vanadi Coffee are trading at discounts of 32% and 61% to their BTC values, respectively, and any modest equity selloff could push them further below NAV, making them ripe for takeover threats.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
