A warning of potential market volatility has been issued by an analyst from NYDIG, as the gap between the share price and asset values of Bitcoin holding companies has shrunk.
According to New York Digital Investment Group, it has been found that the premiums of digital asset treasury firms are declining, a situation that is likely to deteriorate soon without intervention.
NYDIG Research Head Highlights Shrinking Premium Gap for Bitcoin-Holding Firms
It was stated on Friday by NYDIG’s global head of research, Greg Cipolaro, that the disparity between the share price and net asset values (NAV) of major Bitcoin-holding firms like Metaplanet and Strategy continues to shrink, even as BTC has reached new highs.
This compression is believed to be caused by a variety of factors, Cipolaro added. He cited investor apprehension about forthcoming supply unlocks, shifting corporate objectives from DAT management teams, discernible increases in share issuance, investor profit-taking, and limited differentiation across treasury strategies.
A new trend has emerged on Wall Street: crypto treasury firms, which have been invested in with billions of dollars over the last year. Investors typically compare a firm’s share price to the value of its assets to assess its financial health.
The Prescription for Ailing Firms: Why Share Buybacks Could Be the Cure
It was forecast by Cipolaro that a challenging time may be ahead for crypto treasury firms, as many are awaiting mergers or financing deals to go public. This could result in a substantial wave of selling from current shareholders.
He also noted that many treasury firms, including KindlyMD and Twenty One Capital, are being traded at or below the value of recent fundraises. A share price decline could exacerbate selling once those shares are freely tradeable.
According to Cipolaro, if a treasury company’s shares traded below its NAV, the most direct approach was said to be share repurchases, which are intended to boost share prices by reducing supply.
A single piece of advice is offered to DATs: Reserve some of the funds raised to support shares through buybacks.
A Paradox Unveiled: Corporate Bitcoin Holdings Hit Peak as Buying Slows
Corporate Bitcoin holdings have hit a peak this year at 840,000 BTC. Of that total, 637,000 is held by Strategy, with the remainder distributed among 32 other firms, as per a Friday report from CryptoQuant.
It was stated by CryptoQuant that while the number of monthly acquisitions has risen, the total quantity of Bitcoin acquired by these firms decelerated in August, falling below this year’s monthly average. Less Bitcoin per transaction is also being acquired.
As an illustration, Strategy’s average acquisition size fell to 1,200 BTC in August from its 2025 peak of 14,000 BTC. Meanwhile, 86% less Bitcoin was purchased by other companies compared to their March 2025 high of 2,400 BTC.
This has resulted in an abrupt deceleration in the growth of Bitcoin treasury holdings. Strategy’s monthly growth rate fell to 5% last month, a notable drop from 44% at the end of 2024, while an 8% growth in August was seen among other companies, compared to 163% in March.
Bitcoin has been traded at around $111,200 over the last 24 hours, with its price falling 10.5% from its mid-August peak of over $124,000, according to CoinGecko.
