Crypto Biz: A Bitcoin treasury shareholder revolt
Summary
Bitcoin treasury companies are experiencing investor backlash amid strong earnings from stablecoin issuers. Meanwhile, legacy payment giants are grappling with increasing pressure, highlighting the evolving landscape of digital finance and investment strategies.
Key Insights
What is a Bitcoin treasury company?
A Bitcoin treasury company is a firm that holds Bitcoin as its primary asset on its balance sheet, often aggressively accumulating BTC to provide shareholders with leveraged exposure to Bitcoin's price movements, such as Empery Digital Inc. which holds approximately 4,081 BTC valued at around $258 million.
What is mNAV in the context of Bitcoin treasury companies?
mNAV stands for market net asset value, a key metric for Bitcoin treasury companies that measures the enterprise value relative to the value of their Bitcoin holdings, indicating their ability to continue purchasing BTC through financing.