13 of 18 Major Bitcoin Treasury Companies Trading at Discount, 21Shares Mid-Year Report Warns

According to a mid-year report from crypto asset manager 21Shares released June 8, approximately 200 publicly-listed companies collectively hold 1.28 million BTC valued at roughly $100 billion, falling significantly short of the $250 billion year-end target set entering 2026. Of the 18 largest digital asset treasury vehicles tracked, 13 are trading at a discount to the market value of their holdings, including MicroStrategy (NASDAQ: MSTR) at 0.81 of its Bitcoin value despite holding 847,363 BTC.

Smaller treasury firms facing funding constraints have begun forced sales. Nakamoto Holdings (NASDAQ: NAKA) sold Bitcoin at a roughly 40% realized loss to fund operations, while MARA Holdings (NASDAQ: MARA) liquidated over 15,000 BTC to retire convertible debt. Only five treasury vehicles trade above their Bitcoin value, led by Sol Strategies (NASDAQ: STKE) and Tron Inc (NASDAQ: TRON). Bitcoin was trading near $59,370 at press time, down 2.8% in 24 hours.