Five major firms—Strategy (formerly Microstrategy), MARA (formerly Marathon Digital), Twenty One Capital, Riot Platforms, and Metaplanet—collectively hold over 700,000 BTC. Their stock performance increasingly mirrors bitcoin’s volatility, diverging from traditional finance (TradFi) revenue metrics.

Nansen’s study published by research analyst Nicolai Søndergaard says Strategy trades at a 68% premium to its bitcoin net asset value (NAV), reflecting investor confidence in its leveraged accumulation strategy. Conversely, SPAC-backed Twenty One Capital trades at a 91% discount to its BTC NAV despite holding $4.4 billion in bitcoin, signaling market skepticism about passive models.

“Premiums emerge when bitcoin serves as an accretive asset, complemented by clear strategy or leverage,” Søndergaard’s report explains. “Discounts arise from passive Bitcoin storage, uncertain governance, or narrative deficiencies.”

Metaplanet commands a 3.5x premium due to its regional dominance in Japan, while Riot Platforms trades at double its BTC value, partly attributed to diversified mining infrastructure, Søndergaard’s figures show. The Nansen study called “Bitcoin Balance Sheets: From Fringe Reserve to Strategic Asset,” also indicates that MARA hovers near parity with its bitcoin NAV.

The report notes that investors increasingly favor regulated off-chain bitcoin exposure, with over 75% of spot BTC exchange-traded fund (ETF) shares held via brokerage platforms. Public equities like Strategy also serve as high-beta proxies, attracting record retail inflows. Vanguard, the investment titan, has a whopping $9 billion stake in Strategy.

Nansen’s researcher says the shift accelerated post-2023 amid new FASB fair-value accounting standards and U.S. bitcoin ETF approvals. Nansen notes that premiums correlate with strategic coherence: Strategy embeds bitcoin into its corporate identity, while passive holders face discounts. Bitcoin’s role now extends beyond hedging, redefining valuations in what Nansen terms the “post-fiat era.”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。