Bitcoin has recently reached its highest ever high, but many major Bitcoin finance companies have been significantly degraded. Despite Bitcoin itself recently surpassing $120,000, stock prices for companies such as (micro) strategies remain far from their peak. Are these companies likely to continue their recovery, or have they already passed their outperformance period?
Bitcoin Finance Company: Large-scale BTC holdings in 2025
Looking at the top table of public Bitcoin finance companies, a total of 79 public companies have at least 100 BTC, equivalent to about 1 million Bitcoin, over $110 billion. Considering the majority of these companies, and considering that they have begun to accumulate over the past few years, a monumental amount!
Of these, 23 are active Bitcoin finance companies, actively using funding technology to generate more capital for BTC accumulation, holding a total of 723,000 BTC, growing rapidly. Naturally, the (micro) strategy dominates this group with the largest allocation of BTC of nearly 630,000.
This large-scale institutional accumulation underscores the growing importance of Bitcoin on the corporate balance sheet. Still, investors are beginning to question whether these companies’ once abstract stock performance could continue.
Why Bitcoin Finance Companies are Low Performance in 2025
The (Micro) strategy was the flagship Bitcoin financing company, but its stock price has not reflected the strength of Bitcoin in recent months. BTC surged past $124,000 prior to its recent retracement, but MSTR’s stock price has recently been at a low of $330, well below $543. In recent weeks, almost all of these treasury companies have been performing significantly less than Bitcoin.
The main reason is that it accumulates slowly. The (micro) strategy made a massive purchase in July 2025, but we can see from their Bitcoin Holdings that the pace is significantly tail-length compared to the aggressive purchases from the previous year. Without a continuous and significant accumulation, investors may not be willing to pay a premium on the stock.
Share the impact of dilution on Bitcoin Treasury stock price
(Micro)Strategy frequently issues new shares to raise capital for Bitcoin purchases. This will increase the total holdings, but we will dilute existing shareholders and compare the stock prices. From 2020 to 2025, the diluted (micro) strategy Che accounts grew from around 97 million to over 300 million, reflecting the size of capital raising for Bitcoin purchases. This strategy has successfully accumulated a huge amount of BTC reserves, but also caps the stock price valuation.
Looking at the company’s market capitalization rather than the stock price, there is another picture. Market capitalization, which accounts for outstanding shares, actually reached a new high in July 2025, closely tracking the rise in Bitcoin. The stock price alone is a more negative story due to this dilution.
Bitcoin Finance Company: NAV Premium and Reviews for 2025
Net Asset Value (NAV) Premium, premium investors have significantly reduced paying stocks compared to stock values ​​per Bitcoin. Historically, (micro) strategies have ordered a significant NAV premium as one of the only ways investors can gain leveraged Bitcoin exposure. Dozens of finance companies and ETFs are available now, with the benefits of their “firstmober” diminishing. As more companies adopt Bitcoin as a reserve asset, the sector-wide NAV premium will likely be one trend.
Finance companies and their MNAVs have a boom/bust cycle as all markets have at all times. If Bitcoin reaches $150,000, the (micro) strategy’s own year-end forecast is based solely on current holdings and has a fair value of around $308 per share with a NAV of 1.00x., assuming there is no additional accumulation or stock issuance. With a continuous accumulation (potentially reaching 700,000-800,000 BTC) and a modest NAV premium of 1.75-2.25 times, the stock could reach the $600-880 range. This still appears to be a realistic possibility, especially if we see the inclusion of the S&P 500 in the coming months, along with a more sustained upward movement of BTC.
The future of Bitcoin Finance Companies: Investment Outlook for 2025
Bitcoin finance companies like Bitcoin are facing difficult and inadequate periods, despite Bitcoin’s surge in new highs. Dilution, slower accumulation and increased competition have led to a large and heavy stock prices. Still, their fundamental role in locking up huge amounts of Bitcoin makes them strategically important, and at certain market stages it could provide leveraged gains compared to BTC.
Asymmetric opportunities remain, but investors need to ease expectations. It is likely that the daily “easy outperformance” of early (micro) strategies has passed, replaced by a more mature and competitive landscape.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making an investment decision.
Source: https://bitcoinmagazine.com/markets/bitcoin-treasury-companies-investment
