Bitcoin treasury companies have become a major trend in 2025; however, only the most seasoned and disciplined firms are likely to survive.
Only a few Bitcoin (BTC) treasury companies will stand the test of time and avoid the vicious “death spiral” that will impact BTC holding companies that trade close to net asset value (NAV), a business entity’s total assets minus its liabilities, according to a report from venture capital (VC) firm Breed.
The health of Bitcoin treasury companies hinges on their ability to command a multiple of their net asset value (MNAV), the authors wrote.
Breed’s report outlined the seven phases of a BTC treasury company’s decline, which begins with a drop in Bitcoin’s price that triggers a decline in MNAV, bringing a company’s share price close to its actual NAV.
