Bitcoin Treasury Firms Now Valued at Less Than Their BTC Holdings Amid Crumbled Sentiment

Core Insights - Bitcoin treasury companies are facing significant challenges, with many trading below a 1x multiple to their net asset value (mNAV) as share prices decline and bitcoin accumulation slows in a tightening market [1] Group 1: Company Performance - Semler Scientific (SMLR) initiated its bitcoin treasury strategy in mid-2024, accumulating over 5,000 BTC, but its share price remains around $24, resulting in an mNAV of 0.80x [2] - Strive (ASST), which is in the process of acquiring Semler, has seen its stock price decline by approximately 90% since a SPAC merger, leading to a valuation of only about 50% of the value of its 5,885 BTC holdings [3] - KindlyMD (NAKA), another SPAC, holds 5,765 BTC and trades at 0.50x mNAV, with a market cap of roughly $300 million against bitcoin holdings worth around $631 million, partly due to $250 million in outstanding convertible debt [4] Group 2: Market Valuation Trends - Other bitcoin treasury companies are also trading below their NAV, including Capital B (ACPB) at 0.75x (holding 2,818 BTC), The Smarter Web Company (SWC) at 0.72x (holding 2,660 BTC), H100 Group (GS9) at 0.88x (holding 1,046 BTC), and Metaplanet (3350) at 0.98x (holding 30,823 BTC) [5] - The valuations of these companies have shifted from significant premiums during the summer bull market to current discounts, raising questions about whether these discounts represent real value or reflect broader market uncertainties regarding their balance sheets and execution [6] Group 3: Market Sentiment - Bitcoin's price, while higher for the year, remains at a level similar to that on January 20, the day of President Trump's inauguration, which has frustrated bullish investors as it has not performed as well as stocks and precious metals [7]