VanEck’s Matthew Sigel outlines the growing risks for Bitcoin treasury companies as their stock prices near NAV levels:
🟠No public BTC treasury firm has historically traded below its Bitcoin NAV for long—but at least one is now approaching parity
🟠Continued share issuance near NAV risks diluting shareholder value rather than creating it
🟠Executive pay should be tied to NAV per share growth—not BTC holdings or total share count
🟠Boards and shareholders should act with discipline while they still have leverage
🟠Suggested safeguards include:
-Halting ATM programs if shares trade below 0.95x NAV for 10+ days
-Prioritizing buybacks when BTC rises but the stock doesn’t
-Launching a strategic review if the NAV discount persists (merger, spinoff, or exit strategy)
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