2026-01-03 05:27:58

The valuation dilemma of Bitcoin asset companies is intensifying. Among the top 100 holding companies, at least 37 have seen their stock prices fall below the net asset value (NAV) of their held Bitcoin, accounting for about 40%. This indicates a severe market discount on the valuation of such companies.

Macro analyst Alex Kruger compares this phenomenon to the "distorted structure" before the 2020 Grayscale Bitcoin Trust collapse. At that time, the trust's premium was high, but it ultimately reversed sharply — and now these types of companies are facing similar pressure again.

The long-term situation where stock prices remain below net assets reflects a lack of confidence in Bitcoin asset companies. Whether in institutional allocation or trading strategies, investors seem to be re-evaluating the value positioning of this asset class.

BTC-0,86%

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DegenGambler

· 01-06 01:14

Such a big discount, it seems like someone is trying to buy the dip...

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FlashLoanLord

· 01-05 20:35

With such a big discount, why isn't anyone buying the dip? It feels a bit strange.

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BearMarketSurvivor

· 01-04 15:45

40% discount? This is the market signaling a clearance before liquidation. I saw the Grayscale event, and the premium reversal was so fast that there was no time to retreat. Now that the signs are so obvious that it's happening again, it indicates that the supply line has been cut off.

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