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Bitcoin Treasury Firms: Is the Downturn Nearing its End?

Monday Nov 10 2025 04:40

2 min

Table of Contents

1. A Look at the Future of Bitcoin Treasury Companies
1.1 Performance of MSTR and Metaplanet
1.2 Impact of the US Government Shutdown

A Look at the Future of Bitcoin Treasury Companies

Shares in Bitcoin treasury companies could be nearing the end of a period of suppressed price movement. This observation follows an investment firm's announcement that it had closed its short position against Strategy, the largest corporate Bitcoin holder. Kynikos Associates founder James Chanos stated on Sunday that his investment firm had unwound its short position on Michael Saylor’s MicroStrategy (MSTR) and a long position on Bitcoin (BTC) at the start of trading on Friday. In response, The Bitcoin Bond Company CEO, Pierre Rochard, commented, “The Bitcoin treasury company bear market is gradually coming to an end.” Chanos noted that MicroStrategy shares are down approximately 50% from their 2025 high and that the company’s market Net Asset Value (mNAV) has compressed to 1.23x. “It is prudent to cover this trade with mNAV below 1.25x, having dropped from ~2.0x as recently as July 2025,” Chanos wrote in a note. He added that MSTR’s implied premium, its enterprise value minus the value of its 641,205 BTC holdings, has fallen from around $70 billion in July to $15 billion, suggesting the company may now be better valued. While MSTR could still experience further mNAV compression, especially if it issues more common equity, “the thesis has largely played out,” according to Chanos. “This is the kind of signal you want to see for a reversal,” Rochard stated. Shares in many of the 200 publicly traded companies holding Bitcoin on their balance sheets have declined in recent months, leading some analysts to question the sustainability of Bitcoin treasury strategies.

Performance of MSTR and Metaplanet

MicroStrategy has been the hardest hit in terms of total value, with its market cap falling over 43% from $122.1 billion in July to $69.5 billion as of Friday. Similarly, Metaplanet, one of the best-performing stocks on the Tokyo Stock Exchange at the beginning of 2025, has seen its market cap slashed by 56% since June 21.

Impact of the US Government Shutdown

One of the major factors holding the market back was the US government shutdown. However, several US media outlets reported on Sunday that the Senate had reached an agreement to pass a package of budget bills to end the shutdown. Bitcoin rebounded 2% to $106,430 within 50 minutes of the reports, indicating that the government reopening could boost sentiment towards the crypto market.

Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Written by:

Noah Lee

Bitcoin Treasury Firms: Is the Downturn Nearing its End?

A Look at the Future of Bitcoin Treasury Companies

Performance of MSTR and Metaplanet

Impact of the US Government Shutdown

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