2026-01-10 01:28:37

The valuation pressure on Bitcoin treasury companies is becoming increasingly severe. Among the top 100 Bitcoin treasury companies, at least 37 (40%) have seen their stock prices fall below the net asset value of their held Bitcoin. This phenomenon has been directly described by macro analyst Alex Kruger as a "distorted structure," and he compares the current situation to the pre-collapse of the Grayscale Bitcoin Trust premium in 2020.

Where is the severity of the problem? When stock prices fall below net asset value, these companies generally cannot raise funds by issuing new shares, as this would only dilute existing shareholders' value. In other words, the previous approach of expanding asset scale through issuing new shares is no longer feasible. Leading companies like MicroStrategy are currently facing approximately 17% discounts.

Market participants generally expect that this sector may enter a phase of consolidation and mergers and acquisitions. Another noteworthy development is the geopolitical shift. Brazilian presidential candidate Renan Santos recently stated that Brazil should consider establishing a national-level Bitcoin strategic reserve. He explicitly pointed out in his campaign platform that this plan is "feasible." Santos is the founder of the newly established "Mission Party" and co-founder of the right-wing "Free Brazil Movement," and he has publicly expressed interest in emulating El Salvador President Nayib Bukele. These signals together reflect an increasing recognition of Bitcoin as an asset allocation option, but at the same time, traditional treasury company models are facing significant adjustments.

BTC-1,57%

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CexIsBad

· 01-13 01:13

40% discount below net asset value? This is the time for the Treasury to be doomed. MicroStrategy is trading at a 17% discount, indicating the market has long seen through it. Brazil is planning to build a national reserve? Ha, the politicians have finally woken up. Let's wait and see the big fish eat the small fish; the consolidation wave is coming. True Bitcoin holders are actually making profits; these intermediary institutions should just roll away.

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CryptoPunster

· 01-12 20:05

Oh my, the stock price of 40% of treasury companies has fallen below net assets, which directly shows us the true picture of "paper millionaires." A 17% discount? Even big players like MicroStrategy have to kneel. It seems no one can escape the curse of "overvaluation trap." Brazil wants to build a Bitcoin strategic reserve? Okay, another "I want to learn from El Salvador." This script can be recorded for the third time. If issuing new shares for financing doesn't work, what can these companies rely on next? Selling sentiment? On one side, treasury companies are merging and seeking survival; on the other side, the government is starting to hoard coins. This is almost a "pre-entry night" scene for institutions. Honestly, Bitcoin appreciation is joyful, but seeing these companies trading at discounts reminds me of the Grayscale story—old tricks. The market isn't stupid; it just likes to inflate the valuation of a company's sector to the sky first, then bring it down one by one. That's what art is.

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ForkInTheRoad

· 01-10 01:58

A 40% drop below net assets, this is an opportunity for us to consolidate and acquire. The consolidation period is here, time to buy the dip. I missed the Grayscale wave, I can't sleep through this one. Brazil is about to stockpile coins? National-level HODL, how can retail investors play? MicroStrategy's 17% discount is indeed a bit outrageous, but raising funds is really difficult now. After this round of adjustment, only big players will probably remain. The treasury model needs to change; the financing route is dead, and the capi tal story can't be told anymore. Brazil is following Salvador, the sovereign wealth fund is coming. Latin America is announcing a coin-hoarding strategy one after another, it seems someone is playing a big game. Wait, with the merger and acquisition wave coming together, small treasury companies might have no future. 38 discounts indicate that the market no longer trusts this model at all. This is the craziest part: once the national-level reserves are in place, individual treasury companies are truly out of the game.

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ChainMaskedRider

· 01-10 01:40

40% of treasury companies are trading below net asset value, this is true reshuffling Even giants like MicroStrategy are at a 17% discount, indicating the market is really cold Is M&A about to start? It seems someone is about to be eliminated again Brazil plans to establish a national-level Bitcoin reserve? The national team is entering the game Issuing new shares is no longer feasible, it's a bottleneck With such a deep discount, are they waiting to buy the dip? Or are they really unable to move forward Consolidation and mergers are coming, the era of big fish eating small fish is about to begin This drop probably means small-cap treasury companies will suffer Will the Grayscale story repeat? History always repeats itself Half of the treasury companies are trading below net asset value, what does this indicate... Brazil is following El Salvador; it seems Bitcoin has truly become mainstream consensus Such a severe discount, institutions are really losing confidence Basically, the financing channels are completely blocked

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ZenChainWalker

· 01-10 01:34

Oh no, the discount is so severe, MicroStrategy is already at 17%. Is this still worth playing? But the signal that Brazil is accumulating Bitcoin is interesting... Issuing new shares is already dead, next comes the merger drama? Let's wait and see if there's a dark horse.

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