Public companies buying Bitcoin should consider the sunset of the tactic as a whole if their stock prices are rapidly decreasing, according to a Vaneck executive that warns that a major bitcoin-scooping firm is about to catch up.
“Habang ang ilan sa mga kumpanyang ito ay nagtataas ng kapital sa pamamagitan ng mga malalaking programa sa at-the-market (ATM) upang bumili ng BTC, ang isang panganib ay umuusbong: kung ang stock ay nakikipagkalakalan sa o malapit sa NAV (halaga ng net asset), ang patuloy na pagpapalabas ng equity ay maaaring matunaw sa halip na lumikha ng halaga,” pinuno ng Vaneck ng Digital Assets Research, Matthew Sigel, Says To an x post on Monday.
He added that no public company had been exchanged below its Bitcoin net asset value (Btc) For a long period of time, but Semler Scientific, Inc. (SMLR) “is approaching the same.”
Semler’s stock dropped half of the soars of Bitcoin
Semler is a firm medical technology that First purchased Bitcoin in May 2024 and raised its holdings on the 13th largest in public companies, with 3,808 BTCs worth $ 404.6 million.
Bitcoin continues to hit new highs this year, but Semler’s sharing price Fall By more than 45% this year until the end of the trade on Friday to the same level since the company first started buying bitcoin, pulling the market cap up to about $ 434.7 million.
Semler’s Multiple NAV (MNAV), which takes market capitalization and divided it through its bitcoin stack, drops below 1x to around 0.821x, According to to data from coincides.
Bitcoin purchase companies require “care now”
Semler, as usual with other Bitcoin buying companies, conducted a lot of sharing and released debt to raise money To buy more bitcoin, with the company and cryptocurrency estimates, semler’s stock will lift.
However, since the gains may not always happen, Sigel warned the purchase of Bitcoin companies to “adopt care now, while premiums still exist.”
He advised companies The investment is strong In Bitcoin should pause their offering and-marketers if their stocks are below a net asset value of 0.95x for at least 10 days.
Related: Bitcoin’s new treasury can cracked under price pressure
Those firms should also “prioritize purchases when BTC values, but the equity fails to show that amount.”
Finally, Sigel said the companies should “launch a strategic review if the NAV discount will continue.”
“That may include a integration, spinoff, or sunset of BTC strategy.”
Pay Execs for Growth, Not Bitcoin stack size
Sigel said Bitcoin purchase companies should align compensation for their executives with a growth amount of net asset per component, “not in the size of a bitcoin position or total sharing number.”
He again urged the leaders of the company to “act in discipline today, while they still have the benefit of optionality.”
“When you trade with the NAV, the seaming of the shareholder is no longer strategically. It’s extractive,” Sigel said.
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