Bitcoin is dragging down digital asset treasuries, like Strategy

Published: Tuesday, December 16, 2025 · 9:00 PM  |  Updated: Tuesday, December 16, 2025 · 9:00 PM

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00:00 Josh

downturn in Bitcoin this year is bringing down with it digital asset treasury companies. And Yahoo Finance’s Ines Ferre joins us now with the details. Ines.

00:11 Ines

Yeah, Josh, and there are more than 180 digital asset treasury companies. These are companies that hold crypto on their balance sheets. Many of these are copycats of the strategy, uh, playbook, uh, Michael Saylor’s strategy, which is really been the pioneer when it comes to this kind of company as they started adding Bitcoin to their balance sheet back in 2020. But these stocks have gotten hit as Bitcoin and Ethereum and other tokens have come under pressure over the last couple of months. And there’s a metric that, uh, Wall Street looks at or that investors look at called MNAV. This is a multiple of net asset value. This is basically the market cap versus the value of the assets. And when the MNAV goes below one, that means that investors are valuing the treasury company less than the crypto that’s on their balance sheet. So in November, when you saw strategy’s MNAV, uh, nearing one, you saw quite a bit of pressure on the stock. Now, uh, strategy has sort of pushed back against this type of valuation, basically saying, look, we’re an operating company, we have Bitcoin back securities, you shouldn’t be valuing us on this MNAV. And this is sort of what all most of these digital asset treasury companies are saying, basically. I did speak to one fund that has looked at more than a hundred of these types of companies over the last year, and they said that they have invested in about 12 of them. And they basically were comparing what has been happening in the Dat space with the dotcom bubble era when companies would sort of slap a .com on their name and therefore they were a .com company and they were going to be profitable, etc. But the pushback is that sort of, you know, are you an operating company also? Are you driving cash flow? And that is really going to be the differentiator here between the winners and the losers because as one strategist put it, uh, the industry is entering this Darwinian sort of phase where, uh, the the companies with the strongest balance sheets or the ones that outlast this crypto winter will be the ones that sort of, uh, surge from everything that’s happening with the industry right now as as we’ve seen these crypto prices depressed, Josh.

02:20 Josh

All right, as, thank you. Appreciate it.

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