Bitcoin Treasury Firms' Valuations Plummet Amid Market Turmoil.

Saturday, Oct 25, 2025 12:02 pm ET1min read

Bitcoin treasury firms are now valued below their BTC holdings due to a sharp decline in share prices and slowing accumulation. Companies like Semler Scientific, Strive, and KindlyMD have mNAV multiples below 1x, with some trading at 0.50x mNAV. The discounts raise questions about the value of these firms' balance sheets and execution. A stronger bitcoin market may be needed to change sentiment and restore premium valuations.

Bitcoin Treasury Firms' Valuations Plummet Amid Market Turmoil.