Bitcoin: 37% of BTC-Owning Companies Are Struggling, Even Strategy

An alarming situation. Pressure on storage companies bitcoin reserves (BTC), continues to intensify despite MSCI’s recent decision not to exclude them from its indices . Among the top 100 such companies, 37 currently see that stock prices fell below net asset value ( CHAV ) of their Bitcoin reserves.

Key points of this article:

• The pressure on companies holding bitcoin reserves increased, with 37 of them losing shares at a price below the net value of their bitcoin holdings.
• Actions Strategy, a titan in the sector, has seen an alarming 15-20% drop compared to Bitcoin reserves.

Difficult economic situation for companies that own bitcoins According to DL News, a string bitcoin treasury companies (BTC), found themselves in a difficult situation after the price of the king of cryptocurrencies significantly adjusted from the last peak of $126,000 recorded on October 6, 2025.

As the value of their shares falls below net worth of their crypto assets, these companies trying to raise funds through secondary placements without diluting shareholder value. Therefore, their cash flow expansion model becomes ineffective.

Titan Strategy shares are down about 17% relative to their bitcoin value. Even such large companies as Strategy (formerly MicroStrategy), now trading with discount close 17% . Really, 673,783 bitcoins, owned by Michael Saylor’s company, are valued at slightly more than 61 billion dollars and the price of BTC is currently hovering around $91,000.

However total market capitalization of MSTR company shares ranges from 48 to 53 billion dollars depending on whether basic shares or fully diluted shares are included.

But in all cases it gives correlation of market capitalization to net asset value (NAV) of approximately 0.80-0.85x ie discount from 15 to 20% compared to the simple value of the Bitcoins held by Strategy.

Although this phenomenon is not new — the Japanese company Metaplanet experienced a similar situation back in October 2025 — the fact that Strategy, a giant in the Bitcoin Treasury Company sector, is also in such a precarious position is not a good sign. This is especially true if the gloomy situation on the cryptocurrency market persists. Some may see this as a buying opportunity bitcoins at bargain prices through shares of MSTR or other BTC companies, but this will make future fundraising much more difficult.