TD Cowen analyst Lance Vitanza said in a report on Tuesday that some public companies that hold bitcoin as a treasury asset are gradually losing their attractiveness, and their share prices have fallen below a key threshold.
He noted that four of the 13 companies tracked by the bank - Semler Scientific (4 per cent), Sequans (25 per cent), DDC Enterprise (18 per cent) and Bitcoin Treasury Corp (18 per cent) - were trading at "significant discounts" to the value of their cryptocurrency holdings.
The companies are partly trying to emulate Strategy's model. Similar to the largest corporate bitcoin holders, they typically measure success by the number of bitcoins they hold per share. This year, all four companies switched to buying bitcoin.
These companies have accumulated $1.15 billion worth of bitcoin, but volatility in share prices has limited their main source of funding. They can no longer buy bitcoin by issuing common shares, and therefore cannot increase their holdings of bitcoin per share while taking a premium on the asset.
TD Securities: Four public companies holding bitcoin saw "significant" discounts, with bears gaining the upper hand
2025-09-17 02:32:14
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