- Strategy continues to increase its Bitcoin holdings, now owning over 660,000 coins.
- Despite bitcoin accumulation, Strategy’s stock value and multiple-to-net asset value (mNAV) have declined significantly.
- Tron Inc., a digital asset treasury (DAT) firm led by Weike Sun, has lost about 80% of its value since its pivot to DAT.
- TRON Inc.’s stock price dropped from approximately $11 to $1.83 following its reverse merger and shift to digital asset treasury management.
- Both firms’ stocks have fallen much more sharply than bitcoin itself, which declined roughly 13% over the same period.
Strategy, formerly known as MicroStrategy, and TRON Inc., a recent entrant in the digital asset treasury (DAT) space, have both experienced substantial declines in stock value despite their focus on cryptocurrency assets. This trend has been observed since June 13, when TRON Inc. was established.
In recent activity, Strategy added 10,624 bitcoin (BTC) to its holdings, taking its total to more than 660,000 BTC. However, even with this acquisition, the company’s stock price and its multiple-to-net asset value (mNAV)—a metric comparing market value to the company’s net asset value—have fallen. Since the formation of TRON Inc., the price of Strategy’s MSTR security has declined by about 53%.
TRON Inc. operates as a treasury firm holding the TRX token, managed by Weike Sun, father of Justin Sun, the founder of the TRON protocol. Justin Sun reportedly owns the majority of the TRX tokens, according to Bloomberg. After its reverse merger, TRON Inc.’s stock reached a peak of roughly $11.04 but has since plummeted to $1.83, shedding around 80% of its value.
This sharp decline came following the company’s decision to pivot to the DAT model, which involves managing a treasury primarily invested in digital assets. Both TRON Inc. and Strategy have lost value much faster than bitcoin, which is often considered a leading indicator in crypto markets and has declined only about 13% over the same timeframe.
These developments indicate a diminished investor appetite for firms structured specifically around digital asset treasury management, despite their continued accumulation of cryptocurrency holdings.
For further information, see: Justin Sun’s new stock SRM rallied 67% before Tron merger news and Justin Sun sues Bloomberg over Billionaire Index profile.
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