VanEck Exec Sounds Alarm on Public Firms Using Bitcoin as a Treasury Strategy

Matthew Sigel, Head of Digital Assets Research at VanEck, has issued a cautionary note to public companies actively acquiring Bitcoin. His message: rethink the strategy before shareholder value suffers.

Using Semler Scientific as a case study—whose stock has dropped over 45% this year despite holding over $400M in BTC—Sigel warns that continued equity issuance at or below net asset value (NAV) may dilute rather than enhance shareholder value.

He advises firms to implement safeguards, pause at-the-market offerings if NAV dips below 0.95x for more than 10 days, and consider buybacks or even sunsetting their Bitcoin strategy if discounts persist.

Notably, Sigel also called for executive compensation to be tied to NAV per share growth—not the sheer size of the Bitcoin stack.

With BTC nearing new highs, this is a critical moment for Bitcoin-holding companies to act with strategic discipline.

#Bitcoin #CryptoStrategy #VanEck #DigitalAssets $BTC

Read the full story: www.ecoinimist.com/2025/06/16/vaneck-btc-companies-rethink-strategy