Daoming Securities: 4 listed companies holding Bitcoin show "significant" discount, bears have the upper hand.

Golden Finance reported that TD Cowen analyst Lance Vitanza stated in a report on Tuesday that some publicly traded companies holding Bitcoin as treasury assets are gradually losing their appeal, with their stock prices falling below key thresholds. He pointed out that among the 13 companies that purchased Bitcoin tracked by the investment bank, 4 of them have their stock prices "significantly discounted" relative to the value of the cryptocurrencies they hold. The 4 companies are Semler Scientific (4% discount), Sequans (25% discount), DDC Enterprise (18% discount), and Bitcoin Treasury Corp (18% discount). These companies are attempting to some extent to mimic the model of Strategy. Similar to the largest corporate Bitcoin holders, they often measure success by the amount of Bitcoin held per share. This year, all 4 companies have turned to buying Bitcoin. These companies hold a total of 1.15 billion dollars worth of Bit, but the fluctuations in their stock prices limit their primary source of funding. They can no longer purchase Bit through the issuance of common stock, which means they cannot increase their holdings of this asset while obtaining a premium to enhance their per-share Bit holdings.