Bitcoin treasuries are still sitting on record holdings, but cracks are showing in the business model.
According to new research from NYDIG, companies that built their reputations on stockpiling BTC are losing investor confidence, with their market premiums slipping even as Bitcoin trades near highs.
Slowing Appetite for BTC
The sector now controls more than 840,000 BTC — with Strategy alone holding over 637,000 — yet the pace of new acquisitions has collapsed. Strategy’s monthly buys, once as large as 14,000 coins, dropped to just 1,200 in August.
Smaller competitors followed the same pattern, purchasing less than one-fifth of the amounts they were adding earlier this year. Growth rates, which reached triple digits in early 2025, have cooled to single digits.
Why Valuations Are Shrinking
Investors appear less willing to pay a premium for shares in these firms compared to the value of their Bitcoin. NYDIG’s Greg Cipolaro points to several reasons: fears about supply unlocks, profit-taking after a strong BTC rally, new share issuances diluting value, and a lack of distinction between treasury strategies. In short, the excitement that once fueled soaring valuations has given way to skepticism.
What Could Stabilize the Sector
Cipolaro argued that buyback programs could help restore confidence by reducing share float and reinforcing NAV. Without that, he warned, upcoming IPOs and merger-driven listings could trigger another wave of selling pressure from early backers eager to cash out.
The Bigger Picture
Digital asset treasuries surged onto Wall Street last year as a novel way to gain indirect exposure to Bitcoin. But with premiums compressing and accumulation slowing, the market may be signaling that simple “buy and hold” strategies are no longer enough. To keep investors engaged, these firms may need to rethink how they position themselves beyond just stacking BTC.
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Source: https://coindoo.com/bitcoin-treasury-firms-face-investor-backlash-as-buying-cools/