In 2025, Crypto Assets companies flood Wall Street: from craze to differentiation.

Source: PortaldoBitcoin Original Title: History of 2025: Cryptocurrency treasury companies flood Wall Street Original Link: Are cryptocurrency purchasing companies destined to become a pillar of Wall Street, or will they only be remembered as another fleeting trend, responding to the past cycles of market expansion and contraction?

This issue has garnered attention in recent months. A long list of companies had collectively raised billions of dollars to accumulate digital assets, but after experiencing a wave of mergers and acquisitions earlier this year, their stock prices have plummeted.

Whether it's NFTs or meme coins, new speculative focal points emerge whenever the market rises, creating a frenzied period that is bound to fade. This year, the novelty of cryptocurrency financial library companies has worn off, and a recent batch of companies entering the field is under pressure, even though many still claim that their way of transforming the traditional financial landscape is unique.

mNAV: Industry Evaluation Standard

If hundreds of publicly listed companies start buying Bitcoin at the same time, how can investors differentiate between winners and losers? The most fundamental answer in the industry is mNAV (Net Asset Value multiple).

This informal metric has become a popular parameter for assessing a company's relative value of its cryptocurrency holdings. Typically, a company's mNAV is calculated by dividing its market capitalization by the net value of its cryptocurrency holdings, resulting in a multiple that reflects either a premium or a discount.

Some companies such as Strategy use enterprise value rather than market capitalization to calculate mNAV, which takes into account the company's debt and available cash. When mNAV is positive, the company can issue common stock to purchase Bitcoin, increasing the per-share holdings. Many startups use this metric as a guide to increase per-share cryptocurrency holdings as a primary objective.

However, many companies saw their stock prices eventually fall below the value of their cryptocurrency holdings after an early spike in mNAV. The strategy fell below this threshold in November, limiting its ability to take advantage of the premium that had existed for nearly 22 months.

Diversified Strategies for Enterprises to Adopt Cryptocurrency

Although no one considers Tesla to be a cryptocurrency treasury company, the automaker holds 11,500 Bitcoins on its balance sheet, worth $1 billion at the beginning of December.

GameStop (the video game retailer that became a meme stock during the pandemic) announced in May that it had purchased 4,710 Bitcoins. After spending $512 million, these reserves were worth $438 million at the beginning of December. Despite being photographed with Strategy co-founder Michal Saylor, GameStop CEO Ryan Cohen stated that the company has “never followed anyone's strategy” from the beginning.

GameStop raised over $1 billion through convertible debt, but has not announced any further Bitcoin purchases since then and seems to have just begun exploring the market.

Market Differentiation and Integration Trends

As of early December, the outlook for cryptocurrency financial library companies has become increasingly uncertain. With mNAV showing a discount, the financing ability of many new companies is restricted.

The surge in such enterprises has led to a dispersion of attention and liquidity. Some market analysts expect to see merger and acquisition activity in the sector. In September, Strive acquired Semler Scientific for $1.3 billion, at a time when Semler's market value had fallen below the value of its cryptocurrency holdings. Other companies with declining mNAV chose to repurchase shares or even sell their cryptocurrencies.

Innovations Beyond Bitcoin

This year, it seems that any business can become a cryptocurrency treasury company. This includes a Tron purchasing company focused on producing toys and theme park products.

Brittany Kaiser, CEO of AlphaTON Capital, stated that incorporating digital assets into a company's balance sheet is not easy, and retaining them is even more challenging. In 2023, she was involved in the board of a company called Lucy Scientific Discovery, which adopted Bitcoin and Ethereum as financial treasury assets, but later abandoned this plan.

AlphaTON is currently accumulating Toncoin, which is the cryptocurrency used for gaming and transactions in The Open Network. This project was abandoned in 2020 by the co-founder of the Telegram messaging app due to regulatory scrutiny.

AlphaTON also utilizes staking — that is, depositing a certain amount of native tokens in the blockchain network in exchange for rewards. By participating in the transaction verification process of proof of stake networks, many cryptocurrency financial library companies can leverage their assets to generate additional income, including those focused on Ethereum and Solana.

Outlook

As the hype surrounding cryptocurrency financial vault companies may continue to decline, giants like Strategy might consider lending out their bitcoin. However, this option may not be feasible for smaller cryptocurrency purchasing companies that made their initial purchases a few months ago.

Regardless, 2025 may be remembered as the moment when this trend reaches its peak, creating a new investment category for institutions and individuals.