The era of the "corporate Bitcoin proxy" appears to be over. According to new data from BitcoinTreasuries.net, nearly 40% of the top 100 publicly traded companies holding Bitcoin are now trading at a discount to the net asset value (NAV) of their holdings

The data signals a sharp and decisive reversal in investor sentiment. In 2025, the "treasury trade" was one of the most crowded plays in equity markets, with investors piling into small-cap stocks solely for their crypto exposure. Today, at least 37 of these firms have a market capitalization lower than the raw value of the Bitcoin on their balance sheets. #BTC