Bitcoin Treasury Model Faces Grayscale-Style Discount Warning

Jan 3, 2026 - 06:45
Bitcoin Treasury Model Faces Grayscale-Style Discount Warning
Nearly 40% of top Bitcoin treasury companies trade below NAV, with Strategy at 17% discount, raising consolidation and M&A concerns. Valuation pressure is mounting on Bitcoin treasury companies as nearly 40% of the top 100 firms now trade below the net asset value of their Bitcoin holdings. The equity financing under these conditions is value-destructive....

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