NYDIG’s latest weekly digest, published September 5, 2025 and authored by Global Head of Research Greg Cipolaro, argues that the premium investors once paid for “Digital Asset Treasury” (DAT) companies has been deflating even as bitcoin printed a fresh all-time high in mid-August.

DATs are public companies whose core strategy is to hold bitcoin on the balance sheet; the premium (or discount) reflects the gap between a firm’s share price and its underlying net asset value (NAV) per bitcoin share. NYDIG’s takeaway: the once-frothy premium has compressed across the group, and that compression itself is emerging as a macro-signal for Bitcoin’s cycle rather than a company-specific quirk.

Bitcoin Treasury Companies Feel The Heat

Cipolaro points to a confluence of drivers behind the premium squeeze: investor anxiety ahead of large supply unlocks; changing business objectives among DAT management teams; tangible increases in share issuance; profit-taking after strong runs; and limited differentiation across corporate treasury strategies. The dynamic is visible even at the largest bellwethers, where “premiums on Digital Asset Treasury companies … continue to compress,” despite bitcoin’s August record. NYDIG frames this as a structural reset rather than a blip of sentiment.

The supply calendar is front and center. NYDIG cautions that “for many DATs, conditions may deteriorate before they improve,” because numerous BTC-focused treasuries still need to complete mergers or finalize equity and debt financings to register shares for unrestricted trading. In many cases, “over 95% of the new outstanding shares are tied to these transactions,” implying a potential wave of secondary supply once registrations go effective. If prices into those unlocks weaken, the selling pressure could feed on itself.

Price references from recent fundraises underscore the risk. NYDIG notes that Go to Source to See Full Article
Author: Jake Simmons