"Our new Bitcoin Treasury Tracker provides day-by-day insight into how much Bitcoin these major public and private treasury companies hold, when they've accumulated, and how their positions have evolved. These treasuries now collectively hold over 1 million BTC, a staggering sum representing over 5% of the total circulating supply. The scale of this accumulation has been a cornerstone of Bitcoin's current cycle strength. However, some of these companies are facing increasing pressure as their equity valuations struggle to keep pace with the Bitcoin price itself."
"(Micro)Strategy / MSTR, the pioneer of corporate Bitcoin adoption, remains the most significant publicly traded Bitcoin holder. Yet, recent months have seen its stock underperform relative to Bitcoin's own price action. While Bitcoin has consolidated in a broad range, MSTR's equity has fallen more sharply, pushing its Net Asset Value (NAV) Premium, the ratio between its market valuation and the underlying Bitcoin it holds, closer to parity at 1.0x."
Corporate treasuries and the bitcoin mining sector have become central structural supports for Bitcoin through large-scale accumulation and industrial adoption. Major public and private treasury companies now hold over 1 million BTC, representing more than 5% of circulating supply. A Bitcoin Treasury Tracker provides day-by-day insight into these holdings and their evolution. The scale of accumulation has bolstered the current cycle, but equity valuations for some treasury holders are under pressure and lagging Bitcoin's price. (Micro)Strategy's stock has underperformed, compressing its NAV premium toward parity. This valuation compression signals investor focus on pure Bitcoin exposure rather than operational upside, creating an inflection point for future performance.
Read at Bitcoin Magazine
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