Bitcoin treasury valuation premiums shrink, Samara Asset Group analysis shows
MSTR•MSTR•MSTR•MSTR•Bitcoin treasury companies’ valuation premiums compressed in 2025-2026, and by October 2025, 26 of 168 public companies tracked traded below the value of their holdings. Strategy’s enterprise-value mNAV fell below 1.0 in June 2026 as Bitcoin traded near $60,000.
Bitcoin treasury companies’ shares increasingly traded below the value of their Bitcoin holdings in 2025-2026. By October 2025, 26 of 168 public Bitcoin-holding companies tracked by BitcoinTreasuries.net were at a discount. Strategy’s enterprise-value mNAV fell below 1.0 in June 2026, when Bitcoin was near $60,000.
The analysis says disappearing premiums weaken companies’ ability to accumulate Bitcoin using equity, pushing them toward debt or preferred stock, which adds claims senior to common shareholders. Discounts can persist without a redemption mechanism, and differing mNAV methodologies can show the same company at a discount or a premium.
