Bitcoin treasuries, held by firms like Strategy Inc. and MARA Holdings, are declining faster than their Bitcoin holdings amid stock discounts below NAV, dilute risks, and Bitcoinโs recent price drop.
The situation impacts investor confidence, leading to potential mergers, changes in corporate Bitcoin strategies, and increased regulatory scrutiny on Bitcoin treasury firms.
Faster Decline Hits Bitcoin Treasury Stocks
Bitcoin treasury stocks are experiencing a faster decline than their underlying assets. This trend follows Bitcoinโs correction from its peak of $126,000 in October 2025 to $89,000โ$90,000 in early January 2026.
Companies involved include Strategy, MARA Holdings, Metaplanet, and Twenty One Capital, all facing challenges due to the fall in Bitcoin prices. Discounted net asset values and dilution risks are major concerns, which echoes historical events documented in reports like the 2026 Digital Asset Outlook: Institutional Investment Trends in Crypto.
Investor Concerns over Discounted Treasury Stocks
The discounted trading of these stocks below net asset value raises concerns among investors. Speculation about liquidity drops and potential exclusion from indexes adds to the unease.
Analysts predict financial and regulatory outcomes that include possible market consolidation and reduced corporate Bitcoin adoption. Given Bitcoinโs 30% drop, these stocks face steeper reductions, further complicated by liquidity concerns.
Parallels Drawn to 2020 Grayscale Collapse
This situation is reminiscent of the Grayscale Bitcoin Trustโs collapse in 2020, where share values plummeted from a premium to a significant discount. Similarities suggest challenges for current treasury stocks. Expert opinions underscore the need for strategic changes to survive potential consolidations. Katherine Dowling predicts that only well-managed structures and disciplined operations are likely to endure ongoing market pressures.
Have responsible capital allocation, operational liquidity and see Bitcoin as just one part of a broader financial strategy.
โ Vincent Chok, CEO, First Digital (source)
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