Bitcoin Treasury Firms: $15B raised, but dilution fears grow More than 40 public companies have raised over $15 billion since April 2025 to buy Bitcoin, but around 80% now trade below the value of their crypto holdings. Key points * Companies raise money through share sales and use the proceeds to buy Bitcoin. * Many stocks are trading at steep discounts to their net asset value (NAV), with some down over 90%. * Investors are increasingly worried about shareholder dilution from repeated equity offerings. Why it matters * The strategy only works well when a company's stock trades above the value of its Bitcoin holdings. * When shares trade below NAV, issuing new stock to buy more Bitcoin can actually reduce value for existing shareholders. * Even major players like Strategy have seen valuation premiums shrink significantly. New trend * Some treasury firms are expanding beyond Bitcoin into Ethereum, Solana, and other crypto assets. * This may create higher upside but also adds more volatility and risk. Risks * Continued dilution from new share offerings. * Potential regulatory scrutiny around fundraising and crypto purchases. * If treasury companies slow Bitcoin purchases, one of the market's largest sources of institutional demand could weaken. Outlook * Long-term Bitcoin adoption remains positive, but the treasury-company model is facing increasing pressure. * Investors are becoming more focused on dilution and NAV discounts rather than simply rewarding firms for accumulating BTC.