Five large companies are holding over 700,000 BTC with valuation differences of up to 91%, reflecting differences in corporate Bitcoin strategic assessments.
Bitcoin has undergone a fundamental transformation from an experimental reserve asset to a core strategic holding in corporate balance sheets. According to the latest report from Nansen, this shift has created significant valuation differences between listed companies, depending on their management strategies and how the market perceives their business models.
The top five companies including Strategy (formerly MicroStrategy), MARA (previously Marathon Digital), Twenty One Capital, Riot Platforms, and Metaplanet are collectively holding over 700,000 BTC. The stock performance of these businesses increasingly reflects Bitcoin's volatility, completely separate from traditional financial revenue indicators.
Nansen analyst Nicolai Søndergaard noted that Strategy's stock is trading with a premium of up to 68% compared to the net asset value of Bitcoin the company holds. This reflects strong investor confidence in the company's leveraged accumulation strategy. In contrast, Twenty One Capital, backed by a SPAC model, is trading at a discount of up to 91% compared to its net asset value, despite owning $4.4 billion in Bitcoin.
Active vs Passive Models Create Valuation Gaps
According to Søndergaard, premiums emerge when Bitcoin plays a role as a growth asset, supported by a clear strategy or leverage. Conversely, discounts appear in passive Bitcoin storage models with unclear governance or lacking a compelling narrative.
Metaplanet, due to its position in Japan, is trading at 3.5 times the value of its held BTC. Riot Platforms' stock is twice its Bitcoin net asset value, partly due to diversified mining infrastructure. Meanwhile, MARA is currently trading nearly at par with its Bitcoin net asset value.
Nansen's report "Bitcoin Balance Sheets: From Fringe Asset to Strategic Asset" notes that investors increasingly prefer Bitcoin approaches through regulated off-chain channels. Over 75% of shares in spot Bitcoin ETFs are currently held through brokerage platforms, indicating a shift from direct investment to traditional financial instruments.
Stocks of companies like Strategy also function as high-beta assets, attracting record retail capital. Notably, the Vanguard asset management group now holds up to $9 billion in Strategy shares, demonstrating acceptance from major institutional investors.
The study suggests this shift accelerated strongly after 2023, influenced by the new FASB fair value accounting standard and the US approval of spot Bitcoin ETFs. Nansen observes that premiums closely correlate with strategic consistency, with Strategy integrating Bitcoin into its corporate identity, while passive storage units face significant discounts.
Bitcoin's role now extends far beyond traditional risk prevention, becoming a factor reshaping corporate valuation in what Nansen calls the "post-fiat era".
