Bitcoin’s rise to near $80,000 in late August did not restore equity premiums at three publicly listed companies holding large Bitcoin treasuries, according to BitcoinTreasuries data from August 27. Strategy, Twenty One Capital, and Metaplanet all traded below net asset value, signaling structural constraints on equity financing for Bitcoin accumulation.
Strategy reported 840,447 BTC as of August 23, with a gross Bitcoin value of $66.18 billion at the August 27 snapshot price of $78,900. The company’s market capitalization stood at $48.1 billion, leaving common equity at a 0.73x basic modified net asset value (mNAV) and 0.74x diluted mNAV. Only the enterprise mNAV, which includes debt value, approached parity at 1.01x.
The discount persisted despite Strategy’s recent capital raise. Between August 17 and August 23, the company sold 18.26 million shares for $2.0065 billion in net proceeds. Rather than deploy those funds into Bitcoin, Strategy allocated $136.4 million to preferred stock repurchase and $300 million to its USD Reserve, leaving Bitcoin holdings unchanged. Strategy’s debt principal totaled $6.75 billion in the June quarter, with combined annual preferred dividends and debt interest estimated at $1.76 billion.
Twenty One Capital held 43,514 BTC as of June 30, representing 37 percent of its stack pledged as collateral. The company reported a $1.273 billion net loss in the first half, driven largely by a $1.249 billion fair-value decline in its Bitcoin holdings. At the August 27 snapshot, Twenty One Capital’s basic mNAV stood at 0.64x, though its diluted mNAV reached 1.20x when accounting for convertible notes totaling $486.5 million in principal. The company had 346.8 million Class A shares and 215.7 million Class B shares outstanding as of June 30.
Metaplanet reported 43,000 BTC on June 30 with 1.281 billion common shares issued. At the August 27 snapshot, Metaplanet’s Bitcoin holdings were valued at $3.39 billion against common equity of $2.2 billion, placing basic mNAV at 0.66x and diluted mNAV at 0.83x. The company generated ¥349 million in operating cash during the first half against ¥99.782 billion in Bitcoin purchases, indicating reliance on capital raises to fund accumulation. Metaplanet has suspended 210 million combined shares across three series and faces potential dilution from a planned investment by Super League, which committed to contribute 2,100 BTC and $2.5 million cash.
All three companies’ discounts to net asset value reflect investor skepticism about equity-financed Bitcoin accumulation. The pattern holds even as Bitcoin approaches levels that historically supported premiums, pointing to structural limits on how equity markets price treasury-holding corporations.
