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    Here’s How They Stack Up Against Holding Spot

    Ethan CarterBy No Comments3 Mins Read
    1758977476

    This week, crypto asset prices retraced, although the spot market is performing better than many digital asset treasury firms, which have seen some values plummet by over 90% due to market saturation and worries regarding the sustainability of the digital asset treasury model.

    Strategy, the largest Bitcoin (BTC) treasury firm, is down approximately 45% from its peak of $543 per share during intraday trading in November. In contrast, BTC has risen around 10% since reaching a high of over $99,000 that same month.

    Moreover, BTC has recorded a series of new highs since December, achieving an all-time high of over $123,000 in August, while Strategy has not reached a new all-time high in 2024 or recaptured its previous peak during this timeframe.

    MicroStrategy, Companies
    Bitcoin’s price action, illustrated in candles, versus Strategy’s price action, shown as a magenta line. Source: TradingView

    BTC treasury company Metaplanet reveals a similar pattern; its shares have dropped around 78% from their all-time high of $16 in May.

    As of now, Metaplanet shares are trading at approximately $3.55. Bitcoin’s price has experienced a decline of about 2% since its high of over $111,000 in May.

    Analysts from global bank Standard Chartered noted that the collapse in the multiple on net asset value (mNAV), which tracks a company’s enterprise value relative to its underlying assets, is contracting due to the rise in crypto treasury firms.

    “We consider market saturation to be the primary factor behind recent mNAV compression,” stated the Standard Chartered analysts. There are currently 140 public companies that have embraced a crypto treasury strategy, as per CoinGecko.

    Investors and traders engaged in crypto treasury ventures, anticipating that these firms would surpass their underlying crypto assets in performance. 

    Nonetheless, the poor price performance of these companies in 2025 has sparked concerns that they could worsen the next crypto market downturn through forced selling to fulfill debt requirements.