New research from Caladan reveals structural forces behind valuation premiums in Bitcoin-focused equities
Investors in public markets are routinely paying double the value of the Bitcoin held by some companies, according to a new report by institutional research firm Caladan. The analysis, which covers 33 publicly traded Bitcoin-focused companies, shows that while these firms collectively hold billions in BTC, their market capitalizations often reflect a substantial premium, averaging 4.07 times the net asset value (NAV) of their Bitcoin, with a median multiple of 1.75x.
The report breaks down why investors are willing to pay $2 or more for every $1 of Bitcoin these companies hold, challenging assumptions about market irrationality. Rather than speculative excess, Caladan argues this premium is driven by structural factors such as access to capital markets, regulatory clarity, exchange listings, and transparency of operations.
“Professional investors aren’t paying for Bitcoin alone,” said Derek Lim, Research Lead at Caladan. “They’re paying for liquidity, institutional access, operational reliability, and governance, all of which matter deeply in a maturing digital asset market.”
Caladan divides these public companies into two main groups: pure Bitcoin treasury holders and Bitcoin mining firms. The former focus solely on accumulating BTC, while the latter generate Bitcoin through operations, giving them exposure to both asset appreciation and operational margins.
Among treasury firms, MicroStrategy (now trading as Strategy) is the largest, holding over 628,000 BTC. Yet despite this scale, it trades at just 1.54x its NAV, far below some smaller firms. In contrast, mining company Bitfarms holds just over 1,100 BTC but commands a 5.03x NAV premium. The data suggests that operational efficiency and growth potential, not the size of Bitcoin holdings, are the key drivers of valuation.
At the extremes, valuation multipliers range from a discounted 0.20x NAV to a staggering 37x, the latter reflecting post-bankruptcy restructurings or geographic scarcity, not long-term sustainable value. A full 58% of companies fall within what Caladan calls the “fair value” range of 1x to 3x NAV, signaling an increasingly efficient market.
The findings also highlight a stark divide based on geography and listing status. Companies listed on NASDAQ or TSX consistently outperform their OTC-listed peers, even when holding similar amounts of Bitcoin. Institutional ownership, liquidity, and regulatory trust were cited as reasons for this discrepancy.
“Bitcoin on a balance sheet isn’t enough,” Lim added. “Without clear reporting, a named custodian, and a credible auditor, markets apply steep discounts, even if the Bitcoin is real.”
Caladan’s analysis suggests that public Bitcoin vehicles have matured significantly since the speculative frenzy of 2020–2021. As institutional adoption continues and ETF markets evolve, the firm expects NAV multiples to converge closer to those of commodity producers, unless companies successfully pivot to broader financial platforms.
The full report: https://caladan.xyz/bitcoin-dat-report/
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice