Bitcoin treasury premiums are narrowing as the gap between share prices and net asset value (NAV) compresses; NYDIG warns this could cause volatility for digital asset treasury firms unless companies use measures like stock buybacks and reserved funds to support shares.
Bitcoin treasury premiums narrow as NAV gaps compress; NYDIG advises buybacks and reserve funding to stabilize DAT shares — read the holdings and strategy data now.
NYDIG analysis flags potential turbulence as the premium between share prices and asset values of Bitcoin holding companies narrows, recommending buybacks and reserved capital to stabilize DAT valuations.
What are Bitcoin treasury premiums and why do they matter?
Bitcoin treasury premiums refer to the difference between a publicly traded treasury firm’s share price and the net asset value (NAV) of the crypto it holds. Premiums matter because widening or compressing gaps signal investor sentiment and can foreshadow rapid selling or buying when shares become tradable.
How is NAV compression affecting DAT share prices?
NYDIG global head of research Greg Cipolaro reports that the gap between stock prices and NAV for major Bitcoin buyers “continues to compress” even as Bitcoin hits new highs. Causes include anticipated supply unlocks, increased share issuance, investor profit-taking, and limited differentiation across treasury strategies.
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CryptoQuant data shows public treasury holdings reached a peak of about 840,000 BTC this year, with one firm holding roughly 76% (≈637,000 BTC) and the rest spread across 32 other companies. Monthly purchases slowed in August, with average purchase sizes dropping sharply.
For instance, Strategy’s average purchase size fell to about 1,200 BTC in August from a 2025 peak near 14,000 BTC. Other firms bought 86% less Bitcoin compared to their March 2025 high of 2,400 BTC per transaction. This slowdown reduced monthly growth: Strategy’s rate dropped to 5% in the most recent month versus 44% at the end of 2024.
Cipolaro recommends that digital asset treasury firms reserve some raised capital for stock buybacks to reduce supply and support share prices. Buybacks can be the most straightforward tool when shares trade at or below NAV and can help prevent cascades of selling when shares become freely tradable.
Market turbulence is most likely around events that increase available float — IPOs, listings after financing rounds, or announced unlocks. Cipolaro warns a “substantial wave of selling” could occur if existing shareholders seek liquidity once restrictions lift.
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