According to a report by venture capital firm Breed, only a few Bitcoin treasury companies will stand the test of time and avoid falling into a "death spiral" - a vicious cycle that will severely affect companies that hold Bitcoin trading at prices close to net asset value (NAV), or total assets minus liabilities.
The report's authors point out that the health of a bitcoin vault company depends on its ability to maintain a trading multiple above its net asset value (MNAV). Breed's report lists seven stages of a bitcoin vault company's decline, which typically begins with a decline in the price of bitcoin, leading to a decline in MNAV, which in turn moves the company's share price closer to its real net asset value (NAV).
Venture Capital Report: Only a Few Bitcoin Vault Companies Can Avoid "Death Spiral"
2025-06-28 21:11:08
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