Bitcoin Treasury Bear Market Might Be Nearing Its Finish

Shares in Bitcoin treasury corporations could possibly be nearing the top of a interval of dampened worth motion after an funding agency mentioned it closed its brief place towards Technique, the biggest company Bitcoin holding firm.

Kynikos Associates founder James Chanos mentioned on Sunday that his funding agency unwound its brief place on Michael Saylor’s Technique (MSTR) and an extended place on Bitcoin (BTC) initially of the buying and selling day on Friday.

“The Bitcoin treasury firm bear market is steadily coming to an finish,” The Bitcoin Bond Firm CEO, Pierre Rochard, mentioned in response.

Chanos mentioned that shares in Technique are down about 50% from their 2025 excessive and that the corporate’s market Internet Asset Worth (mNAV) has compressed to 1.23x.

“It’s prudent to cowl this commerce with mNAV beneath 1.25x, having dropped from ~2.0x as not too long ago as July 2025,” Chanos wrote in a be aware.

He added that MSTR’s implied premium, its enterprise worth minus the worth of its 641,205 BTC stash, has fallen from about $70 billion in July to $15 billion, suggesting the corporate might now be higher valued.

Whereas MSTR should expertise extra mNAV compression, significantly if it points extra widespread fairness, “the thesis has largely performed out,” Chanos mentioned.

“That is the sort of sign you wish to see for a reversal,” mentioned Rochard.

Shares in most of the 200 publicly traded corporations holding Bitcoin on their steadiness sheets have tumbled in current months, which has led some analysts to doubt the sustainability of Bitcoin treasury methods.

MSTR, Metaplanet down massively from mid-year

Technique has been the toughest hit in complete worth phrases, with its market cap falling over 43% from $122.1 billion in July to $69.5 billion as of Friday.