According to a recent analysis by the New York Digital Investment Group (NYDIG), the sector of companies holding significant Bitcoin reserves, known as corporate Bitcoin treasuries, is facing a potentially “turbulent period.”
The report highlights a key concern: the narrowing gap between the stock prices of these companies and their net asset value (NAV), even as Bitcoin’s price reaches new highs. This compression is attributed to several factors, including:
- Investor anxiety over upcoming share unlocks.
- Increased share issuance by the companies themselves.
- Profit-taking by existing investors.
NYDIG’s head of research, Greg Cipolaro, suggests a “bumpy ride” is ahead. Many companies are awaiting public listings or financing deals, which could flood the market with shares from existing investors, potentially triggering a “substantial wave of sales.”
The analysis also notes that if a company’s stock trades below its NAV, a share buyback could be a direct strategy to boost its price.
The report provides context on the sector’s recent boom, noting that these companies have accumulated a collective peak of approximately 840,000 BTC. Of that total, Strategy (formerly MicroStrategy) alone holds a massive 76%, or 636,505 bitcoins.
September 2025, Cryptoniteuae
