Bitcoin treasury companies are publicly traded equities that, in theory, should closely track the value of the Bitcoin they hold. Firms like Strategy, Twenty One Capital, Nakamoto, Metaplanet, and Strive hold almost exclusively Bitcoin on their balance sheets and have little or no operational business, making them effectively Bitcoin‑holding vehicles. One would expect their share prices to move in line with the price of Bitcoin, much like an ETF tracks its underlying assets.
But that is not what we are seeing. This week, Bitcoin declined by just 1 percent and is still up 9 percent for the month. Yet these five companies are down an average of 11 percent for the week and 13 percent for the month. Their returns appear disconnected from the asset they are meant to represent. This may be a short‑term pricing anomaly, a reflection of how new these companies are and how the market is still figuring out how to value them. Still, the divergence is notable.
All five continue to trade at a premium to their net asset value (NAV), meaning the market values their equity above the Bitcoin they actually hold. Whether that premium persists or the pricing disconnect narrows over time remains an open question as this segment of the market develops.