Bitcoin Treasury Company Valuations "Warming Up": The Growing Pains and Opportunities of Institutional Transformation

Currently, the crypto market is undergoing a profound structural adjustment, with the core focus on the loosening logic of the "Bitcoin Treasury" model.
According to the latest statistics, nearly 40% of the top 100 publicly listed companies holding Bitcoin have seen their stock prices fall below their Bitcoin net asset value (NAV).
In the past, such companies (like MicroStrategy) were accustomed to financing through stock price premiums, then re-accumulating Bitcoin, creating scale effects. But now, not only are these small and medium players generally "breaking net," even leading companies are experiencing about a 17% discount. Since the stock price is below asset value, the path of financing by issuing new shares to buy more coins has been cut off, which means the industry is being forced from "barbaric expansion" into a phase of "stock game" and consolidation mergers.
Meanwhile, macro signals remain complex: Grayscale's research director predicts the true "institutional era" will begin in 2026; the Korean market has seen over a hundred billion dollars in capital outflows; fortunately, the losses from crypto phishing attacks in 2025 have decreased by 83%, indicating an improving security environment.
To put it simply, this business is no longer as easy as it used to be. In the past, these companies relied on holding Bitcoin to push up their stock prices, then used the rising stock prices to issue more shares to buy more coins. This "left foot stepping on the right foot" spiral was effective, but now people are no longer buying it. Stock prices are falling more than the coins they hold, making expansion difficult. However, this can also be seen as a process of淘沙, or sifting out the weak. Although it’s painful now, as long as they endure this period of "water squeezing" and consolidation, by 2026 when the institutional army truly enters on a large scale, these surviving companies may finally迎来真正的春天！