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

As bitcoin treasury companies continue to struggle with tumbling share prices and rapidly slowing bitcoin accumulation in a tightening market, many are now trading below a 1x multiple to their net asset value (mNAV). In other words, for these “pure play” treasury holders (i.e., excluding miners like MARA Holdings and broader crypto platforms such as Bullish), their market capitalization has dropped beneath the value of their bitcoin holdings. Semler Scientific (SMLR) began its bitcoin treasury strategy i ...