The valuation dilemma of Bitcoin asset companies is intensifying. Among the top 100 holding companies, at least 37 have seen their stock prices fall below the net asset value (NAV) of their held Bitcoin, accounting for about 40%. This indicates a severe market discount on the valuation of such companies.

Macro analyst Alex Kruger compares this phenomenon to the "distorted structure" before the 2020 Grayscale Bitcoin Trust collapse. At that time, the trust's premium was high, but it ultimately reversed sharply — and now these types of companies are facing similar pressure again.

The long-term situation where stock prices remain below net assets reflects a lack of confidence in Bitcoin asset companies. Whether in institutional allocation or trading strategies, investors seem to be re-evaluating the value positioning of this asset class.