Bitcoin treasury companies must now explain their strategy to investors without relying on a share price premium. By June 2026, most had lost the premium to net asset value (mNAV) that made stock-funded Bitcoin purchases accretive, according to CoinMarketCap's analysis. Strategy, Metaplanet, MARA and Riot responded differently, and each response carries a communications lesson.
By the Everything-PR Editorial Team. Updated Oct 10, 2026. Figures are as of June 2026 unless stated, and this page is not financial advice.
What is a Bitcoin treasury company and what is mNAV?
A Bitcoin treasury company is a public company that holds Bitcoin as a core balance sheet asset. The key metric is mNAV, the ratio of the company's market value to the dollar value of the crypto it holds. When a company trades above an mNAV of 1.0, it can sell new shares and buy more Bitcoin, and each purchase raises Bitcoin per share. Below 1.0 the trade reverses: selling shares to buy Bitcoin lowers each share's Bitcoin backing, according to CoinMarketCap.
As of June 22, 2026, BitcoinTreasuries counted 199 public companies holding 1.264 million Bitcoin, worth about $79 billion at the time. CoinMarketCap reported that the premium had compressed across nearly the whole sector, which turned a uniform strategy in 2024 into a split in 2026.
How did the major treasury companies respond in 2026?
Company
What happened, per CoinMarketCap (June 2026)
Communications issue
Strategy
mNAV peaked near 3x to 4x in the 2024 bull run, was about 2.5x in December 2024 and fell to roughly 1.16x by spring 2026. It added 520 BTC on June 22 at $67,068, bringing its total to 847,363 BTC.
Explaining why buying continues when stock-funded purchases may dilute shareholders
Metaplanet
Stock was down 42 percent for the year and 85 percent over 12 months. CEO Simon Gerovich said the company would consider share buybacks if mNAV stayed under 1.0.
Signaling a strategy shift from issuance to buybacks
Twenty One
Stock fell from an all-time high of $47 in April 2025 to $5.50 in June 2026. In April 2026 controlling shareholder Tether proposed merging it with Strike and Elektron Energy.
Presenting a merger as a path to revenue independent of Bitcoin's price
MARA
Sold 15,133 BTC in March 2026 for about $1.1 billion to repurchase convertible notes, holding 36,303 BTC afterward.
Framing a sale as debt management, not a price view
Riot
Sold 3,778 BTC in the first quarter for $289.5 million, held 15,680 BTC, and reported $33.2 million in data center revenue tied to a 50-megawatt AMD contract.
Explaining a pivot toward AI infrastructure alongside mining
A few companies sold entirely. CoinMarketCap listed Meitu, Genius Group, Bitdeer and Empery Digital as exits or large reductions, with motives that included debt repayment, a special dividend and AI infrastructure investment. CoinMarketCap noted that almost none of these decisions reflected a view on where Bitcoin's price is headed.
What should a treasury company communicate to investors?
A treasury company should state its policy in advance and explain every change in plain terms. The right message depends on where the stock trades relative to net asset value.
Situation
Communications move
mNAV above 1.0
Explain the Bitcoin-per-share math, and do not imply the premium is permanent
mNAV near or below 1.0
Say what the company will do about buying and issuance, and explain buyback language and dilution before investors ask
Selling Bitcoin
State the motive in the same announcement: debt repayment, a dividend, infrastructure spending or bookkeeping. A sale with no stated reason is read as a signal on price.
Mining company with a treasury
Separate mining revenue, treasury policy and any data center business so investors can value each part
Merger or restructuring
Show which new revenue does not depend on Bitcoin's price, and give the timeline for approvals
Strategy's June 2026 sale of 32 BTC shows why motive matters. CoinMarketCap described the sale as bookkeeping, but a first sale since 2022 still invites questions about intent, so the company's explanation has to travel as fast as the news.
mNAV is the ratio of a company's market value to the dollar value of the Bitcoin on its balance sheet. Above 1.0, issuing shares to buy Bitcoin raises Bitcoin per share, and below 1.0 it lowers it.
How many public companies hold Bitcoin?
BitcoinTreasuries counted 199 public companies holding 1.264 million Bitcoin as of June 22, 2026, worth about $79 billion at the time, according to CoinMarketCap.
Why did some treasury companies sell Bitcoin in 2026?
According to CoinMarketCap, the main motives were debt repayment, funding a dividend and shifting capital toward AI infrastructure, not a view on Bitcoin's price.
How should a treasury company announce a Bitcoin sale?
It should state the reason in the same announcement, such as debt repayment or infrastructure spending, so investors do not read the sale as a price signal. Source: CoinMarketCap Academy: Are Bitcoin Treasury Companies Losing Their Financing Edge in 2026?
Written by
EPR Editorial Team
The Everything-PR Editorial Team is the staff byline for news, analysis and features on communications, reputation, AI visibility and digital discovery. Everything-PR has published since 2009. AI tools assist with research and drafting, and every article is reviewed by a human editor before publication. Coverage follows the Editorial Policy, and substantive corrections are noted on the article under the Corrections Policy.
