Bitcoin News Today: Bitcoin Treasuries Shift to Stewardship as NAV Discounts Intensify

Bitcoin Treasuries Shift From HODL to Strategic Management as NAV Discounts Intensify

The once-hyped rush to accumulate Bitcoin in corporate treasuries has given way to a more pragmatic approach as firms grapple with net asset value (NAV) discounts and evolving market dynamics. Companies are now prioritizing active management strategies-such as yield generation, hedging, and share buybacks-to optimize their Bitcoin holdings beyond passive "HODL" tactics, according to industry experts.

Thomas Chen, founder of Function, a firm focused on deploying Bitcoin as a productive asset, emphasized the need for a shift in mindset. "We're moving from accumulation to stewardship," he said, noting that the key challenge now is managing Bitcoin as a treasury-grade asset rather than a speculative reserve. This includes deploying portions of holdings to generate conservative yields through low-risk channels like overcollateralized lending, while hedging against potential 20–30% drawdowns using derivatives such as put options or collars.

Spencer Yang, managing partner at BlockSpaceForce, echoed this sentiment, highlighting that corporate treasuries must differentiate themselves by adopting disciplined risk frameworks. He advocated for counterparty diversification across custodians and liquidity providers to mitigate single-point failures and stressed the importance of size in negotiating better terms for larger portfolios. Smaller firms, meanwhile, may need to limit deployment to avoid overexposure.

The urgency for these strategies has intensified as many digital-asset treasury (DAT) stocks trade below their underlying NAV. For instance, Runway Growth Finance is trading at a 31% discount to its NAV of $13.55 per share, according to a recent analysis. While RWAY's 14.2% dividend yield appears attractive, its declining total investment portfolio -from $1.08 billion at year-start to $945.96 million in Q3 2025-raises concerns about long-term sustainability. Yang argued that selling Bitcoin to repurchase undervalued shares could be a "smart strategy" for DATs, signaling confidence in management's commitment to shareholder value.

Market conditions have further pressured firms to act. Bitcoin's recent slide to a six-month low of $82,000 has exacerbated unrealized losses for corporate treasuries, while liquidity constraints in U.S. markets -driven by quantitative tightening and fiscal uncertainty-have amplified volatility. Jack Mallers of 21 Capital noted that Bitcoin's price action reflects broader liquidity cycles, with ETF basis trades and leveraged treasury structures contributing to instability.

As the landscape evolves, companies that balance risk management with innovation-such as pairing Bitcoin holdings with cash-flow-generating ventures-may emerge as leaders. However, those relying on high-coupon preferred equity or perpetual capital raises face growing scrutiny, particularly as liquidity cycles test the resilience of leveraged models.