Digital Asset Treasury (DAT) companies, including major Bitcoin holders like MicroStrategy and Metaplanet, are experiencing severe premium compression despite Bitcoin's rally to fresh all-time highs in mid-August. According to NYDIG's Global Head of Research Greg Cipolaro, premiums - the gap between stock price and net asset value (NAV) - have been collapsing across the DAT sector.
The compression is driven by multiple factors: investor anxiety over forthcoming supply unlocks, changing corporate objectives from DAT management teams, tangible increases in share issuance, investor profit-taking, and limited differentiation across treasury strategies. Notably, MicroStrategy's premium to NAV peaked in November 2024, potentially signaling cycle information similar to its February 2021 peak that preceded Bitcoin's April 2021 high.
Corporate Bitcoin buying has slowed dramatically. MicroStrategy added just 3,700 BTC in August versus 134,000 in November 2024. Other firms acquired 14,800 BTC, well below the 2025 monthly average of 24,000 and far from June's 66,000 peak. Average purchases collapsed to 1,200 BTC for MicroStrategy and 343 BTC for peers, an 86% decline from early 2025 highs.
NYDIG warns that conditions may deteriorate further as many DATs need to complete mergers or finalize equity and debt financings to register shares for unrestricted trading. Over 95% of new outstanding shares are tied to these transactions, implying potential wave of secondary supply once registrations go effective.
