About 40% of public Bitcoin treasury firms now trade below NAV as high-risk equity deals drive shareholder dilution and stock volatility.

A fund manager warns Bitcoin faces downside risk as $150B in corporate treasury allocations create liquidity and capital erosion pressures across 200+ public companies.

About 40% of public Bitcoin treasury firms now trade below NAV as high-risk equity deals drive shareholder dilution and stock volatility.

Strategy’s sale of 32 Bitcoin has prompted investors to reassess how corporate BTC treasury companies are valued, with greater focus on liquidity and capital management.