The premiums of digital asset treasury (DAT) firms are declining, with New York Digital Investment Group (NYDIG) warning of potential worsened conditions unless action is taken. NYDIG's Greg Cipolaro noted that the disparity between stock prices and net asset values (NAV) for Bitcoin-buying firms like Metaplanet and Strategy is shrinking even as Bitcoin reaches significant highs. Factors contributing to this include investor anxiety regarding supply unlocks, management objectives, increased share issuance, profit-taking, and a lack of strategy differentiation among DAT firms. Cipolaro also highlighted the necessity for stock buyback programs to stabilize prices, especially as many firms trade below the value of recent fundraises. The overall holdings of Bitcoin by these firms peaked at 840,000 BTC this year, with a notable decline in purchase sizes observed in August leading to a slowdown in growth. Bitcoin's trading status has remained relatively flat, currently at around $111,200, reflecting a decline from mid-August's peak of over $124,000.

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