Michael Saylor's MSTR Holds Onto Premium Amid Waning Sentiment. Can Others Do the Same?
Many public Bitcoin treasury firms now trade below the value of their BTC holdings as investor sentiment has crumbled.Summary
Many publicly traded companies holding Bitcoin on their balance sheets are now trading at a market capitalization (mNAV) below the actual value of their crypto holdings, reflecting a sharp downturn in investor sentiment from optimism to caution. Companies like Semler Scientific (SMLR), Strive (ASST), and KindlyMD (NAKA) are trading at multiples significantly below 1.0x their net asset value (mNAV). In contrast, Michael Saylor's MicroStrategy (MSTR) remains an outlier, trading at a premium of roughly 1.39x, though this premium has narrowed significantly from its peak. To combat these discounts, treasury firms could consider stock buybacks funded by selling BTC or securing credit, or deploying some holdings into low-yield strategies, though these actions have shown mixed results recently. The ultimate recovery for these firms likely depends on a significant positive shift in the broader Bitcoin market sentiment.
(Source：CoinDesk)