Bitcoin Treasury Companies Slow BTC Purchases Amid mNAV Compression and Funding Shifts

As reported by The Coin Republic, Bitcoin treasury companies have slowed their acquisition pace in November 2025, with Strategy purchasing just 487 BTC for approximately $49.9 million between November 3 and 9. The purchase was made at an average price of $102,557 per Bitcoin, significantly below the $1.5 billion and $2.1 billion weekly acquisitions seen in mid-December 2024. Metaplanet secured a $100 million loan backed by its Bitcoin holdings to fund continued purchases, signaling a shift toward debt-based financing as equity premiums collapsed. Net institutional buying from treasury companies and ETFs dropped below the daily mined supply for the first time in months. Strategy now holds 641,692 BTC acquired for approximately $47.54 billion at an average cost of $74,079 per Bitcoin as of November 9, achieving a BTC yield of 26.1% year-to-date. Metaplanet pledged 30,823 BTC valued at $3.5 billion as collateral for the loan, representing a conservative loan-to-value ratio. The borrowed capital will fund additional Bitcoin purchases, expand its options income business, and support share buybacks. The financing marked a shift toward collateralized debt to maintain accumulation without diluting shareholders, contrasting with Strategy’s reliance on convertible debt and equity raises. Metaplanet emphasized conservative financial management, executing loans only within ranges where collateral adequacy remained sufficient during sharp price drops. The company aims to acquire 210,000 BTC by 2027, approximately 1% of total supply, as part of its plan to build the fourth-largest corporate Bitcoin treasury. CryptoQuant data showed net institutional buying from Bitcoin treasury companies and ETFs dropped below the daily mined supply for the first time in months. The slowdown coincided with collapsing equity-issuance premiums, which made share-funded Bitcoin purchases less accretive. Public company treasuries held approximately 1 million BTC, but incremental growth slowed sharply. SoSoValue data indicated that listed companies, excluding miners, purchased approximately 7,251 BTC in October, with 85.1% of the total concentrated in the first week. The remainder saw buying activity fade sharply. The financial model of issuing richly priced equity to buy Bitcoin broke down as premiums normalized. Where investors once paid as much as 208% above Bitcoin’s net asset value for treasury company shares, premiums compressed to just 4% by late 2025, capping firms’ ability to leverage further. The slowdown in treasury company accumulation raised questions about sustained buying pressure on Bitcoin. K33 Research noted that despite increasing treasury allocations, the trend had no tangible impact on the Bitcoin price. Analysts warned that as companies struggled with cratering share prices and compressed market-adjusted net asset value (mNAV) ratios, firms turned to more defensive strategies. Metaplanet traded below the dollar value of its Bitcoin holdings in October, triggering its buyback program, while Strategy stock dropped approximately 53% from all-time highs. With investors selling BTC spot to participate in equity offerings, the structures weakened the supply impact of purchases of Bitcoin treasury companies. Of the 38 largest corporate Bitcoin holders, 24 have recently traded at a loss. Some firms, including the French semiconductor company Sequans, have reduced their BTC holdings by approximately $100 million to pay down debt. The shift marked a transition from aggressive accumulation into a slower, more cautious period. Whether corporate buying pressure returns at scale might depend on the Bitcoin price recovery and the restoration of equity premiums that had previously fueled the treasury model.