- The valuation multiples of Bitcoin (BTC) treasury companies have been declining since May 2025.
- Investors measure confidence in these companies by the multiple-to-Net Asset Value (mNAV), reflecting the price paid relative to BTC holdings.
- Previously, some BTC treasury firms had mNAVs above 1x and even 2x, indicating premiums over their BTC assets.
- The peak mNAV was in early 2025, with companies like Nakamoto reaching a 23x multiple before falling below 1x.
- Over 200 public companies now hold about 1 million BTC, but many trade below the value of their BTC holdings.
In 2025, public companies holding bitcoin (BTC) as treasury assets have seen their market valuations decline steadily. The key metric illustrating this trend is the multiple-to-Net Asset Value (mNAV), which compares a company’s stock price to the BTC value it owns. Since May 2025, this ratio has trended downward.
Data collected by Protos tracks five major BTC treasury companies from July 2022 onward, showing this consistent decline in mNAV. Investors use mNAV to gauge how much confidence they place in management’s ability to grow BTC holdings per share. In the past, some companies traded at premiums above their BTC assets, often paying more than 1x the net BTC value.
From 2021 to 2024, Strategy (formerly MicroStrategy) often traded above 2x mNAV, indicating strong investor interest. Internationally, the Japanese company Metaplanet saw even higher mNAVs, reaching double digits in 2024. Excitement peaked in early 2025 when several companies converted into BTC treasuries, including Nakamoto, which briefly enjoyed a historic 23x mNAV before dropping below 1x.
Today, more than 200 public firms collectively hold around 1 million BTC. Some of these companies trade at mNAV levels below one, meaning their market prices are lower than their BTC holdings. The depreciation in mNAV since May shows waning investor interest despite the large BTC reserves.
The trend mirrors historical patterns where BTC treasury companies peak near launch or during bullish periods before experiencing declines. Public trackers like BitcoinTreasuries and StrategyTracker highlight these shifts. Whether this sector will regain momentum remains uncertain.
For detailed data on these companies’ mNAV trends, see Protos’ interactive chart.
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