Bitcoin News Update: Bitcoin Companies Resemble REITs, Seek Returns as Premiums Decline
- Bitcoin treasury firms trade below BTC holdings as market sentiment falters, with many trading at mNAV multiples below 1x. - Companies like Semler Scientific (0.80x mNAV) and Strive (50% discount to BTC value) exemplify the sector's valuation collapse. - The model pioneered by MicroStrategy now faces sustainability challenges, shifting focus to BTC yield generation via lending or infrastructure. - Market recalibration highlights risks of speculative premiums, with future success dependent on tangible val
Bitcoin Treasury Companies Now Trading Below
Firms holding significant bitcoin reserves—once celebrated for their aggressive moves into crypto—are currently valued by the market at less than the worth of their
Semler Scientific (SMLR), which began its bitcoin treasury initiative in mid-2024, is a prime example of this shift. Despite accumulating more than 5,000 BTC, its stock price has hovered around $24, giving it an mNAV of just 0.80x. The situation is even more severe for
This trend is seen throughout the industry. Data from BitcoinQuant indicates that companies such as Capital B (ACPB), The Smarter Web Company (SWC), and H100 Group (GS9) are trading at mNAV ratios as low as 0.72x. During the summer rally, these firms were valued at much higher premiums, as highlighted by Coindesk.
The downturn marks a turning point for the bitcoin treasury approach. First popularized by MicroStrategy’s Michael Saylor, the strategy involved raising funds, converting them to BTC, and holding long-term. Now, more than 160 publicly traded companies have adopted this model, collectively holding close to 1 million BTC—roughly 4% of all bitcoin in circulation, according to
"Premium valuations may not last based solely on narratives and BTC reserves," a Yahoo Finance analysis observed. The next chapter for these companies will likely involve finding ways to generate income from their bitcoin, much like how REITs transitioned from simply owning property to producing revenue. Possible strategies include lending backed by BTC, building Lightning Network infrastructure, or creating innovative financial products. However, these paths come with risks such as counterparty issues and operational challenges, Yahoo Finance noted.
The difficulties facing the sector illustrate the struggle between speculative hype and solid financial performance. While some companies may shift toward yield-focused strategies, others could face further dilution and lower mNAV ratios. For investors, the current discounts suggest a realignment of expectations, moving away from hype and toward a focus on actual value creation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Institutions Develop Blockchain Foundations, Signaling the Advancement of the Crypto Industry
- Institutional crypto adoption accelerates as venture funding, ETFs, and strategic acquisitions drive market maturation, per Cosmos Labs CEO Magnus Mareneck. - Coinbase's $375M Echo acquisition and BlackRock's $137.5M Ethereum/Bitcoin ETF inflows highlight infrastructure-building over speculation. - Cosmos emphasizes interoperability to support DeFi and tokenization, with partnerships enabling programmable banking and real-time settlements. - Mareneck warns of valuation risks (e.g., SEALSQ's 10.1x P/B rat

Solana News Update: Solana ETF Climbs While Token Declines: Institutional Demand Contrasts with Retail Outlook
- Bitwise's Solana Staking ETF (BSOL) raised $222.8M in assets on its 2025 debut, outpacing most new ETFs with $56M in first-day trading volume. - The fund offers direct Solana exposure with staking rewards, attracting institutional interest through a novel structure distinct from traditional spot ETFs. - SEC guidance on PoS and liquid staking enabled BSOL's launch, with Bitwise leveraging its European staking product experience to enter the U.S. market. - Despite BSOL's success, Solana's token price fell

Bitcoin Updates: The Crypto Market’s Psychological Maze Encounters AI’s Strategic Pathway Out
- Token Metrics AI Indices combat crypto volatility by using analytics to address psychological biases like FOMO and panic selling. - Bitcoin near $115,000 faces 2025-2026 price forecasts up to $500,000, driven by Fed rate cuts and U.S.-China cooperation boosting liquidity. - AI tools project $177,000–$427,000 BTC ranges based on market cap scenarios, while prioritizing risk mitigation through diversification and real-time monitoring. - Dynamic AI strategies balance growth and downside protection, using me

OceanPal’s Shift to AI and Blockchain Triggers 22.5% Drop in Share Price
- OceanPal Inc. pivoted to AI via a $120M investment in NEAR Protocol, launching SovereignAI to commercialize blockchain-based AI infrastructure. - The strategy targets 10% NEAR token ownership and leverages NVIDIA tech for confidential AI-cloud solutions, aligning with institutional interest in privacy-focused AI. - Despite continued shipping operations, OceanPal reported a $10.4M net loss and saw its stock drop 22.5% post-announcement, reflecting market skepticism about the strategic shift. - Backed by c
