In a cautionary post on X, Matthew Sigel, VanEck’s Head of Digital Assets Research, urged public companies holding Bitcoin in their treasuries to adopt more disciplined capital allocation strategies as their share prices begin to converge with their net asset value (NAV).
Sigel highlighted a growing risk for shareholders as more Bitcoin treasury firms approach NAV. This key metric represents the value of a company’s Bitcoin holdings per outstanding share. When a company’s stock trades above NAV, issuing new shares to buy more Bitcoin can boost shareholder value.
No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.
But at least one is now approaching parity.
As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near…
— matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025
To counter potential value erosion, Sigel proposed several protective measures for companies. He suggested halting at-the-market offerings if the stock remains below 0.95 times NAV for ten consecutive trading days, initiating buybacks when Bitcoin prices rise but the stock doesn’t follow, and conducting a strategic review if the discount persists.
Additionally, he called for a shift in executive compensation models, recommending they be tied to NAV per share rather than the volume of Bitcoin held or the number of shares outstanding.
Sigel’s warning comes as Bitcoin treasury strategies continue to gain traction in public markets. A June 2025 report from Standard Chartered revealed that 61 publicly traded firms now hold a combined 673,897 BTC, representing approximately 3.2% of Bitcoin’s total supply. Among them, 58 are still trading above NAV, showing sustained investor interest in gaining Bitcoin exposure through equity.
The metric “mNAV,” which compares a company’s market cap to its Bitcoin NAV, is being closely monitored. A ratio above 1.0 indicates investors are paying a premium for Bitcoin-linked shares, while a ratio below 1.0 suggests shares are undervalued compared to the Bitcoin they represent.
Meanwhile, MicroStrategy remains the dominant corporate Bitcoin holder, with over 582,000 BTC in its reserves. As of June, its mNAV sits at a healthy 1.91, buoyed by recent acquisitions of 74,000 BTC in just two months and a $250 million preferred stock issuance to fund further buys.
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