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.

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

Strategy chief Michael Saylor pushed a social media message of "working better" in his Sunday morning tease of a pending announcement of a Bitcoin purchase just days ahead of a…