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The speculative excitement surrounding Bitcoin treasury companies has led to both legitimate investments and opportunistic hype, with some firms allegedly manipulating mNAV to drive up valuations.
Bitcoin treasury companies have never consistently traded below their net asset value, but recent cases like Semler Scientific are approaching that threshold, raising investor concerns about these firms’ ability to sustain premium valuations.
Bitcoin treasury companies that issue equity near or at net asset value risk harming shareholders by diluting value, which transforms a previously accretive Bitcoin accumulation strategy into an extractive one.

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mNAV and Bitcoin treasuries can the strategy hold when the ratio breaks?

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