The premiums of digital asset treasury (DAT) firms are shrinking, and the trend could worsen unless corrective steps are taken, according to New York Digital Investment Group (NYDIG).
Greg Cipolaro, NYDIG’s global head of research, noted on Friday that the gap between the stock prices and net asset values (NAV) of leading Bitcoin-holding firms like Metaplanet and Strategy “continues to narrow” despite BTC hitting fresh highs.
“The drivers of this compression seem to be multifaceted,” Cipolaro explained, citing investor concerns over upcoming supply unlocks, shifting corporate priorities among DAT managers, rising share issuance, profit-taking, and a lack of meaningful differentiation in treasury strategies.
Crypto treasury firms have surged in popularity on Wall Street, attracting billions of dollars over the past year. A key measure of their health comes from comparing share prices with the value of the assets they hold.
Buybacks may be key to stability
NYDIG’s Greg Cipolaro warned that a “bumpy ride may be ahead” for these firms, with many awaiting mergers or financing deals to go public—a shift that could trigger “a substantial wave of selling” from current shareholders.
He noted that several treasuries, including KindlyMD and Twenty One Capital, are already trading at or below the value of their most recent fundraises. Any further drop in share prices, Cipolaro cautioned, could “intensify selling once shares become freely tradeable.”
In such cases, the “most straightforward solution” would be stock buybacks, he said. By reducing the number of shares in circulation, buybacks can help support and potentially lift share prices. “If we had one piece of advice for DATs, it would be to set aside part of their raised funds for buyback programs.”
Bitcoin holdings at record highs, but pace slows
According to a CryptoQuant report on Friday, Bitcoin treasury holdings have climbed to an all-time high of 840,000 BTC this year. Strategy alone accounts for 76% of that total, with 637,000 BTC, while the remaining 32 firms collectively hold the rest.
Although the number of Bitcoin purchases per month has risen, CryptoQuant highlighted that the total volume acquired slowed in August, dropping below this year’s monthly average. The report also noted that firms are acquiring fewer Bitcoins per transaction compared to earlier in the year.
For instance, Strategy’s average Bitcoin purchase shrank to 1,200 BTC in August, a steep drop from its 2025 peak of 14,000 BTC. Other treasury firms also scaled back significantly, acquiring 86% less than their March peak of 2,400 BTC.
This pullback has sharply slowed the expansion of Bitcoin treasury holdings. Strategy’s monthly growth rate slid to 5% in August, down from 44% at the end of 2024, while other firms posted just 8% growth compared to 163% in March.
Meanwhile, Bitcoin has remained relatively flat over the past 24 hours, trading around $111,200. The price is still down 10.5% from its mid-August peak above $124,000, according to CoinGecko.
