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 year.
Reports have disclosed that the combined holdings of publicly disclosed Bitcoin-buying companies peaked at 840,000 BTC this year.
Strategy accounts for a third of that total, or about 637,000 BTC, while the rest is spread across 30 other entities.
Data 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 BTC. Other companies bought 86% less than their March 2025 high of 2,400 BTC per transaction.
Monthly 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 August.
A number of treasury companies are trading at or below the prices of recent fundraises. That gap creates risk. If newly issued shares begin trading freely and owners decide to cash out, a wave of selling could follow.
Cipolaro warned a rough patch may be ahead and advised companies to consider measures that support their share price.
One straightforward move suggested was stock buybacks. According to Cipolaro, crypto focused companies should set aside some capital raised to buy back shares if needed. That approach can lift prices by shrinking the number of outstanding shares.
Meanwhile, Bitcoin itself has not been immune to swings. Based 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 harshly.
Featured image from Unsplash, chart from TradingView
