The Vanishing Premium: How Bitcoin’s Luster Faded for Corporate Treasuries

The investment thesis of loading corporate balance sheets with Bitcoin has lost its appeal. Medical device firm Semler Scientific, which garnered significant attention for its aggressive cryptocurrency acquisitions, now serves as a prime example of a sharp reversal in market sentiment. The speculative premium that investors were previously willing to pay for this strategy has all but evaporated.

Recent analysis from Galaxy Research highlights a fundamental shift. For months, the market treated companies holding substantial Bitcoin reserves as leveraged bets on the digital asset itself. This drove share prices well above the underlying net asset value (NAV) of the Bitcoin held. That dynamic has now inverted. The equity premium for firms following the Read more...