Wall Street’s appetite for companies holding Bitcoin on their balance sheets is cooling, and investors are starting to show it, according to the New York Digital Investment 0 Reading: MemeCore Explodes 3,800% For ATH — But Is A Collapse Around The Corner? Greg Cipolaro, the firm’s global head of research, said the disparity between share prices and net asset value (NAV) for major buyers is narrowing even as Bitcoin reached highs earlier this 1 pointed to several forces pushing those premiums down, from looming supply unlocks to increased share 2 On The Slide Investor worry over future token unlocks is weighing on 3 listed other drivers: shifting corporate aims among digital-asset treasuries, fresh share sales, investor profit-taking, and a lack of clear differences between companies that simply hold 4 often used as proxies for Bitcoin gains — names like Metaplanet and Strategy — have seen that gap 5 plain terms, stocks that once traded at a healthy premium to the coins they own are now much closer to their 6 Activity Slows Sharply Reports have disclosed that the combined holdings of publicly disclosed Bitcoin-buying companies peaked at 840,000 BTC this 7 accounts for a third of that total, or about 637,000 BTC, while the rest is spread across 30 other 8 shows a clear slowdown in purchase size.
Strategy’s average buy in August fell to 1,200 BTC from a 2025 peak of 14,000 9 companies bought 86% less than their March 2025 high of 2,400 BTC per 10 growth has cooled too: Strategy’s monthly increase slid to 5% last month from 40% at the end of 2024, and other firms went from 160% in March to 7% in 11 Prices And Fundraising Values Are Coming Under Pressure A number of treasury companies are trading at or below the prices of recent 12 gap creates 13 newly issued shares begin trading freely and owners decide to cash out, a wave of selling could 14 warned a rough patch may be ahead and advised companies to consider measures that support their share 15 Reading: Why $50 XRP By December 2025 Isn’t ‘Hopium’ If ETFs Get Greenlight: Analyst Stocks May Face A Bumpy Ride One straightforward move suggested was stock 16 to Cipolaro, crypto focused companies should set aside some capital raised to buy back shares if 17 approach can lift prices by shrinking the number of outstanding shares.
Meanwhile, Bitcoin itself has not been immune to 18 on CoinMarketCap quotes, BTC was trading around $111,550, down about 7% from a mid-August peak above $124,000. The price move tightens the margin for error for treasury firms: their fortunes are linked to the coin, but their stock prices can move independently and sometimes more 19 image from Unsplash, chart from TradingView
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