Bitcoin trading near $78,900 has failed to restore the old treasury-company model where higher cryptocurrency prices lift corporate holdings, pull share prices above net asset value, and reopen common-stock issuance as a fresh funding source.
At Strategy, Twenty One Capital, and Metaplanet—three listed companies featuring corporate Bitcoin treasuries—common market capitalization remained below the gross value of their reported Bitcoin holdings. However, discounts varied across firms, and shares do not represent direct, redeemable Bitcoin. Debt, preferred stock, pledged coins, cash balances, warrants, and differing share-count conventions alter what remains for common shareholders.
This dynamic creates a funding challenge rather than a simple valuation puzzle. When common stock trades below a reliable premium, issuing more shares can dilute the amount of Bitcoin held per share. Meanwhile, debt and preferred stock avoid immediate common-share dilution but shift value and risk toward senior claims.
Varying mNAV Metrics Across Companies
A same-day analytical snapshot from BitcoinTreasuries on Aug. 27 compared the three firms across different metrics, including basic market net asset value (mNAV), diluted mNAV, and enterprise mNAV:
- Strategy: Reported 840,447 BTC valued at $66.18 billion, with a market cap of $48.1 billion, an enterprise value of $66.6 billion, a basic mNAV of 1.01x, a diluted mNAV of 0.74x, and an enterprise mNAV of 0.73x.
- Twenty One Capital: Reported 43,514 BTC valued at $3.43 billion, with a market cap of $2.2 billion, an enterprise value of $2.6 billion, a basic mNAV of 0.75x, a diluted mNAV of 1.20x, and an enterprise mNAV of 0.64x.
- Metaplanet: Reported 43,000 BTC valued at $3.39 billion, with a market cap of $2.2 billion, an enterprise value of $3.0 billion, a basic mNAV of 0.88x, a diluted mNAV of 0.83x, and an enterprise mNAV of 0.66x.
Because shares represent a residual interest in a company rather than a withdrawal ticket for coins, common holders sit behind creditors and preferred investors. Discrepancies between basic and diluted figures demonstrate that market cap below Bitcoin value is an incomplete claim.
Strategy's Liquidity Focus
Strategy's enterprise value recovered close to parity with its gross Bitcoin value, while its common-equity measures hovered near 0.74x. Between Aug. 17 and Aug. 23, the company sold 18.26 million MSTR shares for $2.0065 billion in net proceeds. A filing on Aug. 24 reported no Bitcoin purchases for that week; instead, $136.4 million went toward repurchasing STRC preferred stock, $300 million was allocated to a USD Reserve, and the remainder was kept as USD Cash.
By Aug. 23, Strategy held 840,447 BTC alongside a $5.10 billion USD Reserve and $1.59 billion in USD Cash. While the cash reserves reduce near-term pressure to sell Bitcoin to cover obligations like debt principal and annual preferred dividends, common investors do not own the gross coin stack free of senior claims.
Twenty One Capital's Collateral Constraints
Twenty One Capital reported 43,514 BTC at June 30 alongside 346.8 million Class A shares and 215.7 million Class B shares. Its second-quarter filing revealed $486.5 million in convertible-note principal, with approximately 16,116 BTC—amounting to 37% of its stack—pledged to secure the notes and unavailable for general liquidity.
The company also logged a $1.273 billion net loss for the first half, with about $1.249 billion stemming from a fair-value decline in Bitcoin rather than an equivalent cash drain. Collateral restrictions and note principal limit corporate flexibility without altering the underlying coin count.
Metaplanet's Warrant Structures and Operating Revenue
Metaplanet reported 43,000 BTC and 1.281 billion issued common shares as of June 30. Its warrant structure includes multiple stock-acquisition-right series, with certain rights—such as the 27th series—restricted to exercises where mNAV reaches at least 1.01x.
Operating revenue remains small compared to acquisition volume, with Metaplanet generating ¥349 million in operating cash in the first half against ¥99.782 billion in Bitcoin purchases. Additionally, a planned Super League investment was signed but unclosed at the time of the snapshot, expected to involve 2,100 BTC and $2.5 million.
Ultimately, alternatives to premium-priced common equity carry distinct tradeoffs. Retained operating cash adds neither dilution nor senior claims, but current volumes are too small to maintain recent acquisition paces, leaving future Bitcoin purchases dependent on funding structures and senior claims.
