As of September 8, 2025, the landscape for companies holding Bitcoin on their balance sheets appears to be shifting, with Wall Street’s enthusiasm waning. The New York Digital Investment Group (NYDIG) has shed light on this development, pointing to a notable narrowing of the gap between share prices and net asset value (NAV) for major Bitcoin-buying entities, even as Bitcoin’s value reached record highs earlier this year. Let’s delve into the forces at play and the implications for these digital asset treasuries.
Premiums On The Slide
The once robust premiums on shares of companies acting as proxies for Bitcoin gains are facing significant compression. Greg Cipolaro, NYDIG’s global head of research, attributes this trend to several dynamics. Looming supply unlocks, fresh share issuances, investor profit-taking, and evolving corporate objectives within digital-asset treasuries are all contributing to the pressure. Companies like Metaplanet and Strategy, which have traditionally been perceived as mirrors of Bitcoin’s success, are now seeing their stocks trade much closer to their NAVs. In simple terms, the market’s previous excitement is cooling, and the stocks’ premium over their Bitcoin holdings is diminishing.
Buying Activity Slows Sharply
The data tells a clear story: the fervor for purchasing large quantities of Bitcoin has significantly slowed. Publicly disclosed Bitcoin-buying companies reached a peak of 840,000 BTC holdings this year. Notably, Strategy holds about a third of this total with 637,000 BTC. However, their buying activity has seen a drastic reduction. In August, Strategy’s average purchase size dropped to 1,200 BTC, a steep decline from their peak of 14,000 BTC earlier in 2025. Other firms experienced an 86% decrease in purchase size from their March high of 2,400 BTC per transaction. The cooling trend extends to monthly growth rates, with Strategy’s monthly increase slipping to 5% last month from 40% at the end of 2024. Similarly, other companies saw their monthly growth plummet from 160% in March to just 7% in August.
Share Prices And Fundraising Values Under Pressure
For many treasury companies, the current trading prices are at or below the values of recent fundraising rounds. This situation poses a risk: if newly issued shares enter the market freely and investors choose to cash out, a wave of selling could ensue. Cipolaro cautions that a rough patch may be on the horizon and advises these companies to explore strategies to stabilize their share prices. One potential remedy is stock buybacks. By setting aside capital to repurchase shares, companies can reduce the number of outstanding shares, potentially boosting share prices and instilling investor confidence.
Stocks May Face A Bumpy Ride
The challenges for these companies are compounded by Bitcoin’s own price fluctuations. Recently, Bitcoin was trading around $111,550, marking a 7% decline from its mid-August peak of over $124,000. This volatility tightens the margin for error for treasury firms, as their fortunes are intrinsically linked to Bitcoin’s performance. Yet, their stock prices can move independently and sometimes more dramatically.
A Balanced Perspective
While the current landscape may seem daunting, it’s essential to maintain a balanced perspective. The tightening of premiums and the slowdown in buying activity could be seen as a natural correction after a period of exuberance. Investors and companies alike should focus on long-term strategies and resilience. As Cipolaro suggests, proactive measures like stock buybacks can play a crucial role in navigating these challenging waters.
In conclusion, the road ahead for companies holding Bitcoin may be fraught with challenges, but it’s not without opportunities. By understanding the shifting dynamics and implementing thoughtful strategies, these firms can weather the storm and continue to thrive in the ever-evolving cryptocurrency landscape.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
