Bitcoin soars, but treasury firms lag behind
On August 13, 2025, Bitcoin set a stunning new record, peaking at $124,457. Yet, surprisingly, stocks of corporations holding Bitcoin in their treasuries haven’t followed suit.
While Bitcoin treasury firms claim their stocks outperform the cryptocurrency, reality paints a different picture. Despite positive metrics like mNAV, their stocks have been underperforming compared to Bitcoin’s rise.
Experts attribute this to several factors. Lack of investor confidence, value dilution, and growing preference for direct bitcoin holdings contribute substantially. Gaming firm Strategy (MSTR) showed a 16% drop from its peak price, illustrating the gap.
Treasury companies usually issue debt to acquire Bitcoin, which raises concerns about leverage and dilution risks.Jamie Elkaleh from Bitget Wallet observes that while these stocks sometimes trade at premiums, recent declines signal overvaluation fears.
The rising popularity of alternative assets like Ether also pressures Bitcoin treasury firms. Meanwhile, ETFs like IBIT align more closely with Bitcoin’s performance.
Ryan Lee, Chief Analyst at Bitget Research, warns that poor risk management could force some companies to sell their Bitcoin holdings, potentially harming the sector. However, he believes well-managed firms won’t fail due to Bitcoin’s viability and growing adoption.
To survive, these companies must maintain investor trust, manage debt levels, and adapt to market changes. Recent investments by prominent figures like Peter Thiel in new Bitcoin treasury firms signal optimism in the sector’s future.
