Markets
Feb 22, 2026
Bitcoin Treasury Stocks Look Cheap Versus Their Bitcoin
Metaplanet 6M chart Photo by: Trading View
First, the disclaimer that matters most. At BTC World News, we will always recommend you buy Bitcoin and self-custody it. Bitcoin’s property rights, final settlement, and the ability to own an asset outside any institution is the whole point. A share certificate cannot replicate that.
But markets are not just about “best”, they are about pricing. Over the past few months, “Bitcoin treasury” companies have moved from crowded trades to hated trades. That has created a setup where some listed vehicles now trade close to, or even below, the value of the Bitcoin they report holding, while others still trade at meaningful premia. Analysts and banks have explicitly pointed to digital-asset-treasury stocks slipping below their Bitcoin value as funding conditions tightened.
Below is a snapshot of seven prominent names, using Bitcoin at $86,893 (Dec 16, 2025) and the latest publicly reported holdings.
Company | Ticker | Share price | Reported BTC | BTC value (approx) | Market cap signal |
|---|---|---|---|---|---|
Strategy | MSTR | $171.18 | 671,268 | $58.33bn | Trades near or below BTC value on market cap, debt matters bitcointreasuries.net+1 |
Metaplanet (Japan) | 3350.T | ¥398 | 30,823 | $2.68bn | Market cap reported in ¥, mNAV has moved near discount at points MooMoo+2Metaplanet+2 |
Strive | ASST | $0.7489 | 7,525 | $654m | Roughly around BTC value depending on dilution assumptions Strive Investors+1 |
American Bitcoin | ABTC | $1.54 | 5,098 | $443m | Still a premium name, some BTC encumbered, mining wrapper Nasdaq+2Morningstar+2 |
Nakamoto / KindlyMD | NAKA | $10.59 | 5,398 | $469m | Has traded at discounts to reported BTC at times |
Next Technology Holding | NXTT | $6.90 (last close) | 5,833 | $507m | Extreme discount, paired with extreme governance and dilution risk SEC+2StockAnalysis+2 |
Bitcoin Standard Treasury Co (SPAC path) | CEPO | $14.58 | 30,021 (pro forma) | $2.61bn | Deal structure risk, holdings depend on close terms MooMoo+1 |
The key point is simple: a discount is not “free money”. These are corporates with dilution, leverage, custody arrangements, and management incentives.
If you want the asset, buy Bitcoin. If you want the punt, the trade is Bitcoin upside plus discount compression, and the risk is that discounts widen, or the wrapper breaks before Bitcoin bails you out.
Not finanical advice, just a passing thought for the degens out there.
