The New York Digital Investment Group (NYDIG) says that the premiums for Digital Assets Treasury (DAT) companies are declining and likely to worsen in the near future.
NYDIG Global Head of Research Greg Cipolaro said on Friday that the gap between stock prices and net asset value (NAV) gap (BTC) between metaplanets and strategies will “continue to compress” even if BTC reaches new highs.
“The force behind this compression appears to be changing,” Cipolaro added. “Investor anxiety about future supply will be lifted, changing corporate goals from the DAT management team, concrete increases in stock issuance, investors’ profits and limited differentiation of the overall Ministry of Finance strategy.”
Bitcoin (Orange) rose, narrowing the strategy premium against NAV (Blue) over the past few weeks. sauce: Mess
The Crypto Treasury company has become Wall Street’s latest trend, winning billions of dollars last year. Investors usually compare the stock price with the value of assets they hold as a metric to assess their health.
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Cipolaro said “clumsy vehicles may be ahead” for Cryptocurrency companies as many await mergers and financing transactions where they can see “substantial waves of sales” from existing shareholders.
He added that many treasury companies, including KindlyMD and Twenty One Capital, are trading below the value of their recent funding, adding that a decline in stock prices “can make it worse when the stock is freely traded.”
If Treasury shares are trading under NAV, “the easiest course of action is to buy back the stock,” Cipolaro said.
“If we’re going to offer DATS one piece of advice, it’s about saving some of the funds raised aside to support the stock via buybacks.”
The company Bitcoin Holdings has peaked, but purchases are slower
Bitcoin purchasers’ holdings peaked at 840,000 BTC this year, with a total of 76% (637,000) with the rest spreading to 32 other companies, according to a crypto report on Friday.
Related: Public companies have reached 1M Bitcoin, reaching 5.1% of BTC supply
Although purchases per month are also increasing, Cryptoquant said the total amount of Bitcoin purchased by companies fell below this year’s monthly average in August, with companies having less Bitcoin per transaction.
Monthly Bitcoin purchases by Strategy (Orange) and other finance companies (Blue). sauce: Encryption
For example, the average purchase size for the strategy fell to 1,200 BTC in August compared to the peak of the 2025 peak at 14,000 BTC, while other companies purchased 86% less Bitcoin compared to the 2025 high of 2,400 BTC in March.
This suddenly slowed the growth in Bitcoin Treasury holdings, bringing the strategy’s monthly growth rate down to 5% last month, to 44% at the end of 2024, while other companies showed growth rates of 8% in August, compared to 163% in March.
Bitcoin has been trading flats at around $111,200 in the last 24 hours, down 10.5% from its peak of over $124,000 in mid-August, according to Coingecko.
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