INSUBCONTINENT EXCLUSIVE:
Bitcoin treasuries in 2025: A corporate reserve strategy under pressure By 2025, the Bitcoin treasury model has
wider BTC corporate treasury movement now faces growing strain
The model relies on a simple thesis: raise capital, convert it into a supply-capped crypto asset and wait for long-term
report outlines how this scenario can trigger a BTC NAV death spiral: declining prices erode NAV, cut off equity or debt funding and force
distressed companies to sell their Bitcoin into a falling market, accelerating the downturn.Did you know? MNAV (multiple of net asset value)
shows how much more (or less) the market values a Bitcoin-holding company than its actual BTC stash
For companies built on this BTC equity vs
debt strategy, the cracks start to show.If loans mature or margin calls hit, forced liquidations follow
In this environment, even minor shocks can set off cascading failures.The Breed VC report warns that only companies maintaining a strong
mNAV premium and growing their Bitcoin-per-share holdings consistently can escape collapse
Others may be acquired or go under, prompting further industry consolidation.Fortunately, most Bitcoin treasuries in 2025 still rely on
equity financing rather than high leverage
A pivot toward aggressive borrowing would raise the stakes
If heavily leveraged entities unwind, they could endanger creditors, spread damage through the market and undermine long-term faith in the
blind accumulation has never been greater.Did you know? BTC buys by treasury companies barely move the market, usually
methodically built a dominant position, holding over half a million BTC by mid-2025, more than half of all Bitcoin held by public
Bitcoin-per-share metric through a disciplined capital strategy.Rather than relying solely on leverage, Strategy employs a balanced BTC
On the equity side, it has used at-the-market offerings to sell new shares at elevated valuations, recycling proceeds into more Bitcoin
This allows access to capital while minimizing immediate dilution
Though it did briefly use secured loans, the company exited those positions early, mitigating Bitcoin debt financing risk tied to margin
calls.This approach has enabled Strategy to nearly double its BTC holdings every 16-18 months, outperforming other Bitcoin holding companies
steadily increasing BTC per share while maintaining solvency and optionality
In contrast to companies that simply hold BTC, Strategy actively manages its treasury as an asymmetric bet on a supply-capped crypto asset,
one with long-term upside and short-term volatility.The company has also demonstrated resilience during market downturns
Even amid price shocks and a looming BTC NAV death spiral for some peers, Strategy preserved its mNAV premium by clearly communicating with
Over the past five years, its stock soared around 3,000%, far outpacing Bitcoin (around 1,000%) and even chip giant Nvidia (around 1,500%)
Future of Bitcoin treasuries and mNAV crypto companies Looking ahead, Bitcoin treasuries in 2025 are entering a
phase of consolidation.Only a handful of companies are likely to maintain their mNAV premiums
market credibility make it the benchmark
New entrants in the mNAV crypto companies category will need to differentiate themselves by offering new value, unique structures or
improved capital efficiency
Simply being a corporate Bitcoin reserve vehicle may no longer be enough.Meanwhile, plates are shifting as ETF and pension fund BTC exposure
With traditional finance offering new ways to access Bitcoin, from spot ETFs to institutional custodianship, the appeal of publicly traded
Bitcoin proxy stocks could fade
If ETFs gain further traction, they may siphon demand away from companies like Strategy, shrinking the mNAV premium and compressing
valuations.Still, the long-term thesis remains intact: Bitcoin is a supply-capped crypto asset, and scarcity dynamics will drive value
The question is who can hold through volatility without being forced to sell
Companies with high leverage and weak governance are most at risk
survival may depend on how well they can adapt that approach before the next BTC market downturn forecast becomes reality.
