As reported by CoinRepublic, Bitcoin treasury companies faced a structural reversal in late 2025 as equity premiums to net asset value collapsed, forcing a reassessment of their business models. Galaxy Digital outlined three potential paths forward, noting that the October deleveraging event triggered sharp declines in open interest and liquidity. Strategy (MSTR) saw its multiple to net asset value fall below 1.0, while Metaplanet and Nakamoto (NAKA) experienced severe compression in mNAV. Unrealized losses replaced earlier profits as Bitcoin prices dropped from $126,000 to around $90,000. Galaxy Research warned that the model now resembles a path-dependent instrument, with outcomes hinging on issuance strategy and balance sheet health.
Bitcoin Treasury Model Faces Stress as Equity Premiums Collapse in 2025
The Coin RepublicShare
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