Markets|
Behold the Tragedy of the Bitcoin Treasury Titans! 🎭
- The once-mighty top 20 bitcoin treasury companies-KindlyMD, Strive, Capital B, and their ilk-now wallow in the mud of valuation, trading below a 1x multiple to mNAV. Debt, despair, and flat bitcoin prices have turned their golden dreams to lead. 🪙⬇️
- Buybacks and “creative” strategies? Empery Digital and Sequans Communications tried, but their shares laughed and sank further. 🤡📉
- Even the great Strategy, the sector’s Goliath, clings to a shrinking premium. Its crown is slipping, and the peasants are restless. 👑💨
Ah, the bitter harvest of the bitcoin treasury firms! Once they strutted like roosters at dawn, their market caps soaring above their BTC holdings. Now, they crouch like soaked cats, their valuations drowned beneath the weight of their own bitcoins. 😿💰
Consider Semler Scientific (SMLR), which embarked on its bitcoin odyssey in mid-2024, amassing over 5,000 BTC. Yet, its share price lingers at the same pitiful $24, leaving its mNAV at a paltry 0.80x. Strive (ASST), its would-be savior, is itself a sinking ship, its stock down 90% since its SPAC merger. The buyer is as broken as the bought. 🚢🌀
KindlyMD (NAKA), the 19th-largest bitcoin holder, trades at a laughable 0.50x mNAV, its $300 million market cap dwarfed by its $631 million in BTC. And let’s not forget its $250 million in convertible debt-a noose tightening around its neck. 🪢💸
Across the board, these “pure play” firms are a parade of misery. Capital B (ACPB), The Smarter Web Company (SWC), H100 Group (GS9), Metaplanet (3350)-all trade below their NAV, their premiums evaporated like morning dew. ☀️🌫️
Where did the optimism go? The summer bull market’s cheer has turned to winter’s despair. Investors now eye these firms with the trust of a burned child. The question lingers: Are these discounts a hidden treasure or a mirror reflecting their shaky balance sheets? 🧐🔍
Can These Firms Rise from the Ashes? 🦅🔥
Sentiment must turn, and for that, bitcoin itself must roar. Yet, bitcoin sits idle while stocks and metals dance. Frustrating? Like watching a tortoise race a cheetah. 🐢🐆
What can these firms do? Buybacks, they say. Empery Digital and Sequans Communications tried, but their stocks sneered and plunged further. Another strategy? Deploy bitcoin into low-yield trading-a miner’s trick. But will it save them? 🤷♂️
Strategy: The Last Titan Standing 🏰
Michael Saylor’s Strategy (MSTR) remains the lone titan trading above its BTC stack, though its premium shrinks daily. Once it traded at triple its bitcoin value; now, it’s a mere 1.39x. A fallen giant, but still standing. 🏗️💔
A mNAV below 1.0 isn’t a death sentence-Strategy itself survived such depths in 2022. But can the newcomers follow its path? Only time will tell. ⌛
So, dear reader, as these firms flounder, ask yourself: Are they victims of circumstance or architects of their downfall? And will they rise again, or fade into the annals of crypto history? 🌪️📜
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2025-10-25 19:26