Crypto Treasuries Brace for Shake-Up as NAV Premiums Shrink

- Crypto treasury firms face mounting risks as the gap between share prices and net asset values (NAV) narrows. - Slowing Bitcoin purchase growth and compressed premiums signal increasing sector volatility. On September 8, 2025, Cointelegraph reported that an NYDIG analyst warned crypto treasury firms may be heading into turbulent waters, even as Bitcoin hits new highs. The narrowing gap between share prices and net asset values (NAV) for these firms signals growing instability, with several factors compressing premiums and raising alarms about potential volatility. Greg Cipolaro, NYDIG’s global head of research, attributed the shrinking premium to several factors. In a statement to Cointelegraph, he cited rising investor uncertainty, evolving corporate objectives, increased share issuance, and a lack of innovation in treasury management strategies, noting these trends could signal a challenging period for firms that hold substantial digital assets. A pressing risk is that share prices could drop below NAV, which would erode shareholder confidence. In addition, shareholder selling pressure could escalate as more firms delay going public while they await mergers or financing. To mitigate this challenge, Cipolaro recommended stock buyback programs, arguing that these programs could reduce supply and bolster share prices, helping to cushion any potential fallout. Adding to these concerns is the slowing growth of Bitcoin treasury acquisitions. According to data from CryptoQuant, companies hold a total of 840,000 BTC, but the pace of growth has decelerated significantly. For example, one leading holder reported a monthly increase of just 5% in August 2025, a sharp drop from the 44% growth rate observed at the end of 2024. Average Bitcoin purchase sizes have also declined, further underscoring the waning acquisition momentum among firms. Meanwhile, according to CoinMarketCap, Bitcoin (BTC) was trading at $110,945.59 as of 05:09 UTC on September 8, reflecting a modest 0.25% change in 24-hour trading volume.