Wu Blockchain (@WuBlockchain): Valuation pressure on Bitcoin treasury companies is mounting, with about 40% of the top 100 firms now trading below the net asset value of their Bitco…
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Valuation pressure on Bitcoin treasury companies is mounting, with about 40% of the top 100 firms now trading below the net asset value of their Bitcoin holdings. Macro analyst Alex Kruger likened the model to the pre-collapse premium of Grayscale Bitcoin Trust in 2020, calling it unsustainable. As shares trade below NAV, equity financing becomes value-destructive, effectively breaking the treasury expansion model. Leading firms including Strategy are trading at roughly a 17% discount, raising expectations of consolidation and M&A in the sector. https://www.dlnews.com/articles/markets/bitcoin-treasury-blues-mount-as-40-percent-trade-at-discount/?utm_source=telegram&utm_medium=organic_social&utm_campaign=