Bitcoin Treasury Companies: A New Breed of Crypto Company

Bitcoin treasury companies, such as MicroStrategy and Nakamoto Holdings, have an average 1.3x market value-to-net asset value (mNAV), indicating a stable premium. In contrast, Ethereum, Solana, and SUI treasury companies exhibit higher mNAV volatility, with some trading at significant discounts or premiums. The limited data suggests that Bitcoin treasuries are less volatile and more stable than their crypto counterparts.

Bitcoin treasury companies, such as MicroStrategy and Nakamoto Holdings, have shown remarkable stability, with an average market value-to-net asset value (mNAV) of 1.3x. This indicates a stable premium, providing investors with a sense of security. In contrast, Ethereum, Solana, and SUI treasury companies exhibit higher mNAV volatility, with some trading at significant discounts or premiums. The limited data suggests that Bitcoin treasuries are less volatile and more stable than their crypto counterparts.

The trend of Bitcoin treasuries gaining traction is evident in the growing number of companies establishing these reserves. Amsterdam-based crypto firm Amdax is the latest to join this trend, announcing plans to launch a Bitcoin treasury company named Amsterdam Bitcoin Treasury Strategy (AMBTS). AMBTS aims to hold 1% of the total Bitcoin supply, approximately 210,000 BTC [1]. This ambitious goal echoes a similar strategy by the Japanese Bitcoin treasury company Metaplanet, which is also on a mission to acquire 1% of the total supply by 2027 [1].

The global corporate Bitcoin holdings have grown significantly in recent months. According to data compiled by crypto.news, a total of 163 companies are estimated to own various Bitcoin treasuries. While a significant portion of these entities currently hold little to no BTC in reserve, roughly 81 companies hold 100 BTC or more. Combined, these firms hold 978,290 BTC, currently worth approximately $113.9 billion [1].

Institutional adoption of Bitcoin as a corporate treasury asset is rising. Metaplanet, for instance, acquired 775 BTC for $93 million, boosting its holdings to 18,888 BTC ($2.17B), maintaining its position as the 7th-largest corporate Bitcoin holder. The company's systematic accumulation strategy since 2024 has resulted in an 18.67x over-collateralized debt, ensuring financial stability [3]. Despite Bitcoin's recent price dip, Metaplanet's stock rose 4%, signaling investor confidence in its disciplined, low-leverage treasury strategy [3].

Bitcoin's growing appeal as a treasury-worthy asset is evident in the increasing number of public companies betting long-term on its potential. The Dutch cryptocurrency service provider Amdax, for example, has recognized Bitcoin's growing global appeal and plans to establish a Bitcoin treasury company [1]. Amdax's CEO, Lucas Wensing, stated, "With now over 10% of bitcoin supply held by corporations, governments and institutions, we think the time is right to establish a bitcoin treasury company" [1].

The trend of corporate treasuries growing their crypto portfolios is reshaping market dynamics and investor sentiment. As more firms adopt digital asset strategies, they are influencing the legitimacy, liquidity, and valuation of crypto markets. However, this trend also raises questions about the long-term sustainability of such strategies, particularly in light of market volatility and regulatory developments.

References:
[1] https://crypto.news/dutch-bitcoin-treasury-company-amdax-eyes-1-of-total-btc-supply/
[2] https://www.ainvest.com/news/ethereum-news-today-bitmine-ethereum-holdings-surpass-6-6-billion-2508/
[3] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-rise-corporate-treasury-asset-gains-momentum-2508/