#What is the MicroStrategy Playbook?
The MicroStrategy approach appeared appealing at first. Companies would issue equity to acquire Bitcoin and benefit from the price movements of Bitcoin in the market. As a result, in 2025 alone, an estimated $42.7 billion flowed into cryptocurrency from public firms following this model.
However, by March 2026, the situation shifted dramatically. About 40% of publicly traded companies holding Bitcoin were trading below their net asset value. This situation implied that investors could purchase shares in these companies and get less Bitcoin exposure than if they had bought Bitcoin outright.
#How Do Companies Finance Bitcoin Acquisitions?
Many of these firms utilize at-the-market offerings and hybrid equity instruments to raise funds. Once these companies gather cash, they use it to acquire Bitcoin. Ideally, if the stock commands a premium over the underlying Bitcoin assets, all parties benefit. New shares are issued at higher valuations, allowing the company to acquire more Bitcoin without a significant dilution of shares. Consequently, the metric reflecting Bitcoin yield improves.
The complications arise when the premium disappears. If shares trade at or below net asset value, new equity raises actually reduce value for existing shareholders. The company resorts to selling stock at lower prices to buy Bitcoin, which could have been acquired more efficiently without involving external financing. This dilution results in the stock dropping further.
#How Much Bitcoin Are Firms Investing?
In a single quarter, specifically Q3 2025, public companies committed approximately $22.6 billion into cryptocurrency, showcasing the rapid accumulation trend.
#Who Are the Winners and Losers?
Not every firm faces equal challenges. In late May 2026, Strive's SATA investment vehicle made headlines by acquiring around 1,469 BTC over a span of three days—a record-setting performance that reportedly surpassed Coinbase's own holdings. Conversely, some companies are turning away from this strategy entirely.
K Wave Media, for example, has decided to allocate as much as $485 million previously earmarked for Bitcoin treasury investments toward establishing AI data centers. Meanwhile, French firm Sequans is also diverting from a Bitcoin-centric financial structure.
Other firms are opting for preferred equity structures instead of common stock offerings. Unlike traditional shares, preferred shares create fixed obligations without diluting common share counts, thereby allowing existing shareholders to maintain more potential upside during Bitcoin price increases.
An acquisition worth approximately $763 million took place in August 2025 as KindlyMD merged with Nakamoto Holdings, acquiring 5,700 BTC in the process.
#What Should Investors Watch For?
The fact that 40% of firms are trading below their net asset value signals a critical warning to investors. If a company’s primary function revolves around holding Bitcoin but shares are valued below what the Bitcoin is worth on a per-share basis, the market likely perceives some risks associated with the company or anticipates further dilution that may exacerbate existing discounts.
Industry executives have highlighted an upcoming $3 trillion opportunity in BTC-backed digital credit, pointing toward the potential for firms to leverage BTC holdings for generating yield or offering credit products.
Overall, the competitive space is evolving. Companies aggressively accumulating Bitcoin, such as Strive, are increasing investments, while others like K Wave exit. For investors keeping tabs on this sector, the crucial metric stems from evaluating the premium or discount to net asset value and understanding its trend.