The trend of companies piling up Bitcoin (BTC) on their balance sheets to attract investors has changed significantly with the start of the new year, according to a new report. What was once a cycle of euphoria has now emerged as a challenge to the sector’s sustainability, with many companies trading below the value of their reserves.
According to data from BitcoinTreasuries.net. At least 37 of the top 100 companies holding Bitcoin government bonds are trading at a discount. Net asset value (NAV). This equates to almost 40% of the sector’s leading companies whose stock prices are valued at less than the BTC they maintain on their balance sheets.
Trading below net asset value (NAV) means: The market value of these companies is worth less than Bitcoin reserves.This goes against the business model that drove the 2025 boom. The bonus allowed them to issue shares above the value of BTC, raise new funds, and purchase more assets without diluting shareholders.
Currently, issuing new shares to acquire more Bitcoin by trading at a discount will result in lower value for existing investors as the market does not recognize the full value of Bitcoin. Collection items.
“The initial enthusiasm phase is over,” Brian Huang, co-founder of investment platform Glider, explained in a statement carried by specialized media.
During the first nine months of 2025, many companies benefited from high premiums on their holdings. Dozens of companies participated in the scheme, bringing together about 200 public companies in total, and together they accumulated more than 1 million BTC, worth about $96 billion (USD).
From boom to adjustment
but, The decline accelerated in October last year.and throughout 2025, these companies’ performance lagged compared to traditional markets. According to BitcoinTreasuries.net, only the French blockchain group outperformed the S&P 500’s annual return of 16%, while the rest underperformed the benchmark index.
The rest lag the S&P 500; 60% of these treasuries invested in Bitcoin above its current value.. Analysts such as macroeconomist Alex Krueger have pointed to similarities with the Grayscale scandal from five years ago.
And in 2020, the fund was trading at a nearly 40% premium because it was the only regulated way for financial institutions to gain exposure to Bitcoin.
However, things have changed with the introduction of the BTC Exchange Traded Fund (ETF). Premiums plummeted to discounts of around 50%, trapping many investors and leading to sales at large losses.
This situation is even more pronounced for small and medium-sized enterprises.Such as Swedish group H100, which operates at a 32% discount, and Vanadi Coffee, whose valuation reflects a 61% gap compared to BTC reserves.
Experts predict a wave of restructuring. Katherine Dowling, president of Bitcoin Standard Treasury Company, said stronger government bonds will absorb weaker ones through mergers and acquisitions. A recent example is Strive’s all-stock acquisition of Semler Scientific in September.
Among the companies mentioned, the Strategy case has gained attention in recent months. The plunge in the company’s stock price has reignited criticism from historical critics such as Peter Schiff.
“The company’s stock is bankrupt and its business model is a fraud,” the economist said, questioning the sustainability of the company’s model, CriptoNoticias reported.
