As bitcoin treasury companies face sustained pressure in share prices and slowing bitcoin purchases in a tightening market, most now trade below their net asset value (mNAV), signaling a significant devaluation of their bitcoin holdings relative to market capitalization.
Unlike diversified crypto firms or mining companies, “pure play” bitcoin treasury firms—those primarily holding bitcoin on their balance sheets—have seen their market caps dip beneath the value of their stored BTC. Data from BitcoinQuant reveals multiple such companies are enduring this challenge.
One illustrative case is Semler Scientific (SMLR), which began accumulating bitcoin mid-2024, amassing over 5,000 BTC. Despite this substantial holding, its share price remains near where it started at approximately $24 per share, resulting in a market valuation that is only about 80% of its bitcoin’s value. Semler is currently undergoing acquisition by Strive (ASST), a newcomer that itself contends with a nearly 90% decline in stock price since its SPAC merger, leaving ASST’s valuation at roughly half the value of its 5,885 BTC reserve.
Similarly, KindlyMD (NAKA), ranked as the 19th-largest publicly traded bitcoin treasury company with 5,765 BTC, trades at just half of its net asset value. With a market cap near $300 million against bitcoin holdings worth over $630 million, its significant discount is partly attributed to $250 million in convertible debt obligations.
Other companies trading below NAV include Capital B (ACPB) at 0.75x with 2,818 BTC, The Smarter Web Company (SWC) at 0.72x with 2,660 BTC, H100 Group (GS9) at 0.88x with 1,046 BTC, and Metaplanet (3350), closely approaching parity at 0.98x with the largest holding of 30,823 BTC. These firms enjoyed substantial premiums during the recent summer bull market but have since experienced a drastic shift to bearish investor sentiment.
The widespread discounts are raising questions about whether these valuations reflect opportunistic buying potential or market skepticism concerning operational health and asset quality.
Experts note that a decisive turnaround would likely depend on improved market sentiment, which often correlates with a stronger bitcoin price. Despite bitcoin ending the year positively, its current trading levels hover near January’s, failing to keep pace with rising stock and precious metal markets.
In the face of macroeconomic headwinds largely outside their control, some treasury firms are exploring tactical initiatives to narrow or eliminate the discount between share price and bitcoin value. One common strategy is share buybacks funded either through bitcoin sales or newly issued credit. However, success in this approach hinges on favorable credit terms and sustainable revenue streams able to support additional debt.
For example, Empery Digital announced a $100 million credit facility to finance up to $150 million in stock repurchases, yet its shares have fallen 10% post-announcement, contributing to a 60% decline year-to-date. Sequans Communications (SQNS), holder of 3,234 BTC, recently launched an ADS buyback program covering 10% of its outstanding shares but has experienced a 27% drop since.
Another strategy gaining traction involves deploying portions of bitcoin holdings into low-risk trading or liquidity provision that yield modest returns, akin to tactics employed by miners such as MARA Holdings, which supplement their treasury with income-generating BTC deployments.
Among the notable exceptions, MicroStrategy (MSTR)—led by Michael Saylor—continues to trade at a premium above its net bitcoin asset value. This distinguishes MicroStrategy from peers facing growing discounts and suggests differentiated market perception, possibly reflecting investor confidence in its strategic execution and balance sheet.
With most bitcoin treasury stocks currently priced beneath the value of their crypto assets, the question remains whether a broader market recovery or effective capital strategies will enable more companies to regain premium valuations in the future.
