The New York Digital Investment Group (NYDIG) pointed out that the asset premium of digital asset trust (DAT) companies is declining, and if no measures are taken, it may further deteriorate in the future.
NYDIG's Global Research Director, Greg Cipolaro, stated on Friday that the gap between the stock prices of major companies buying Bitcoin (BTC), such as Metaplanet and Strategy, and their net asset value (NAV) continues to narrow. This trend persists even as BTC reaches new highs.
Cipolaro added, "Factors leading to the narrowing premium include: investor concerns about future supply unlocks, changes in corporate goals of DAT management teams, increased stock issuance, profit-taking by investors, and a lack of significant differences between various asset custody strategies."
Cryptocurrency custody companies have become the new darlings of Wall Street, attracting billions of dollars in funding over the past year. Investors typically assess a company's health by comparing its stock price with the value of its held assets.
Cipolaro noted that many cryptocurrency custody companies are waiting for mergers or financing deals to go public. Existing shareholders may engage in large-scale sell-offs, leading to potential "turmoil" in the future.
He added that several custody companies, including KindlyMD and Twenty One Capital, currently have stock prices close to or below recent financing valuations, and once the stocks are freely tradable, "the decline in stock prices may exacerbate sell-offs."
Cipolaro pointed out that if the stock price of a custody company falls below its net asset value (NAV), "the most direct measure is to conduct stock buybacks" to reduce the number of shares outstanding, thereby boosting the stock price.
"If we were to give DAT companies a piece of advice, it would be to reserve some of the financing funds for stock buybacks to support the stock price."
According to a report released by CryptoQuant on Friday, the total holdings of companies holding Bitcoin (BTC) reached a historical high this year, totaling 840,000 BTC, with Strategy holding 76%, or 637,000 BTC, while the remainder is distributed among 32 other companies.
The frequency of monthly purchases has also increased, but CryptoQuant noted that in August, the total amount of Bitcoin purchased by these companies fell below the monthly average for the year, and the intensity of single purchases also decreased.
For example, the average purchase amount for Strategy in August dropped to 1,200 BTC, a significant reduction from the previous peak of 14,000 BTC. Other companies saw a decrease of 86% in purchase amounts compared to the March peak of 2,400 BTC.
This has led to a noticeable slowdown in the growth rate of Bitcoin holdings among custody companies. Strategy's monthly growth rate last month fell to 5%, compared to 44% at the end of 2024; other companies had a growth rate of 8% in August, down from 163% in March.
CoinGecko data shows that Bitcoin's price has remained relatively stable over the past 24 hours, at around $111,200, down 10.5% from the mid-August peak of $124,000.
Related: Wintermute urges the U.S. Securities and Exchange Commission (SEC) to exclude network tokens from securities regulations.
Original article: “NYDIG: Cryptocurrency custody companies may experience a 'bumpy period,' with premiums continuing to narrow”
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