In an ever-evolving financial landscape, crypto treasury firms — companies holding significant Bitcoin assets — are encountering newfound challenges. According to a recent report by the New York Digital Investment Group (NYDIG), the gap between the stock prices and net asset values (NAV) of Bitcoin-holding firms is under pressure, creating a turbulent environment for investors and firms alike.
Premium Compression: The Current State of Crypto Treasuries
The global head of research at NYDIG, Greg Cipolaro, recently highlighted the narrowing gap between the share prices and NAVs of major Bitcoin-buying companies such as Metaplanet and Strategy. Despite Bitcoin reaching new highs, Cipolaro notes that “investor anxiety over supply unlocks, shifting objectives from management teams, increases in share issuance, and limited differentiation in treasury strategies” are all factors driving this decline in premiums.
Why Crypto Treasuries Face a ‘Bumpy Ride’
Crypto treasury firms, once the talk of Wall Street, have brought billions of dollars into the decentralized ecosystem. However, several hurdles lie ahead. Many firms are either awaiting mergers or leveraging public financing, which could lead to major waves of selling from existing shareholders. Cipolaro emphasized that some companies, including KindlyMD and Twenty One Capital, are already trading below the value of their recent fundraises, signaling the potential for further stock price drops.
A potential solution would be stock buybacks, which help reduce the stock supply and boost share prices. “Crypto treasury firms should allocate some of their raised funds for buybacks to counteract the possible downward pressure on their shares,” Cipolaro advised.
Decline in Bitcoin Purchases and Slowed Growth
While the total Bitcoin holdings among treasury firms have reached a peak high of 840,000 BTC this year, the landscape has shifted. For example, Strategy, one of the largest Bitcoin-holding firms, saw its average purchase size drop from 14,000 BTC in 2025 to just 1,200 BTC this August. Other firms experienced an 86% decline in their purchase sizes during the same period—reflecting a growing hesitation among treasury companies to acquire Bitcoin in bulk.
This hesitance coincides with BTC’s more volatile price movements. Although Bitcoin has seen an incredible rise to $111,200, it’s down by 10.5% from its mid-August peak of $124,000. A report by CryptoQuant also showed that growth in Bitcoin treasury holdings slowed significantly, with Strategy’s monthly growth rate dropping from 44% in late 2024 to just 5% last month.
Preparing for the Future
As Bitcoin’s journey continues to trend upward, the challenges facing crypto treasury firms underline the importance of sound financial strategies. For those navigating or investing in these firms, data-driven decision-making is key. Considering the market volatility and investor sentiment, an insightful and proactive response will make all the difference in staying financially afloat.
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