Premiums Compress as Bitcoin Hits Highs 📉
Crypto treasury firms — companies that buy and hold Bitcoin as part of their balance sheet — are facing new challenges. According to NYDIG, premiums between the share price and the net asset value (NAV) of these firms are shrinking, signaling turbulence ahead.
Greg Cipolaro, NYDIG’s global head of research, noted that firms like Metaplanet and Strategy have seen their share premiums compress, even as Bitcoin recently touched new highs.
He highlighted several reasons:
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Investor fears over upcoming supply unlocks
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Shifting corporate strategies by treasury firms
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Increased share issuance
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Profit-taking among investors
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Limited differentiation in treasury strategies
Why Share Buybacks Could Be Key 🔄
Cipolaro warned that many treasury firms preparing for mergers or financing deals could face a wave of selling once shares become freely tradeable.
Some firms, including KindlyMD and Twenty One Capital, are already trading at or below recent fundraising values. If share prices slip under NAV, Cipolaro suggested stock buybacks as the most effective tool to support valuations.
“Saving some of the raised funds for buybacks could help stabilize markets,” he advised.
Bitcoin Holdings Peak, But Buying Slows 🪙
Despite the pressure, Bitcoin treasury holdings have hit an all-time high of 840,000 BTC. Strategy dominates with 637,000 BTC, making up 76% of total holdings.
However, growth momentum is slowing:
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Strategy’s average purchase size dropped from 14,000 BTC earlier this year to just 1,200 BTC in August.
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Other firms saw an 86% decline in average purchase size compared to March 2025.
This slowdown reduced overall monthly growth rates — Strategy’s fell to 5% in August versus 44% at the end of 2024.
Final Thoughts 🚀
Crypto treasury firms brought billions into the market, but compressed premiums and slowing Bitcoin buys suggest volatility is ahead. How they handle share buybacks and investor confidence could determine their next chapter.
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