Empresas del Tesoro de Bitcoin en Apuros: 40% Ahora en Pérdidas

La estrategia corporativa de acumular Bitcoin como reserva de valor se enfrenta a su prueba de fuego. Cuatro de cada diez compañías que apostaron fuerte por la criptomoneda ahora ven sus posiciones bajo el agua, generando tensiones en sus balances y preguntas incómodas en los consejos de administración.

La presión de la valoración

No es solo una cuestión de precios volátiles. La tensión recae sobre cómo estas empresas, desde tecnológicas hasta fondos de inversión, contabilizan y gestionan el riesgo asociado a un activo que puede desplomarse un 20% en una semana. Los departamentos de finanzas, acostumbrados a la previsibilidad de los bonos del Tesoro, ahora navegan aguas inexploradas.

Un juego de paciencia de alto riesgo

La narrativa original—Bitcoin como 'oro digital' y cobertura contra la inflación—choca con la realidad de los trimestres contables y la presión de los accionistas a corto plazo. Mantener la calma mientras las cifras se pintan de rojo requiere una convicción que no todas las juntas directivas poseen. Un recordatorio más de que en los mercados, la teoría de 'comprar y mantener' a menudo se sacrifica en el altar de los resultados trimestrales.

El futuro del tesoro corporativo nunca volverá a ser el mismo, para bien o para mal. Mientras tanto, algunos CFOs probablemente desearían haber seguido con los aburridos—pero predecibles—bonos corporativos.

Is the Bitcoin DAT model a failure? mNAVs fall steeply 

When Michael Saylor’s software firm Strategy (previously MicroStrategy) began buying Bitcoin through convertible notes and equity, Bitcoin’s price was slightly above $11,000. Fast forward to 5 years later, an all-time-high value of $126,000 in October must have been a reason for MSTR shareholders to smile, but that wasn’t entirely the case.

The model began to falter as equity valuations slipped and BTC prices tanked by over 30% in just three months, not to mention several firms like Strategy had bought the highs. Once stock prices fell below NAV, the business model of issuing new shares to buy Bitcoin became uneconomical, exposing firms to market pressure and investor criticism.

A December report from BitcoinTreasuries.net showed that only one BTC treasury company, France-based The Blockchain Group, outperformed the S&P 500 in 2025, since the benchmark US stocks index returned 16% over the year.

Every other treasury company was well behind the index, and about 60% of them spent more acquiring BTC than those holdings are currently worth. Pioneers Strategy traded at more than double the value of its Bitcoin last year, but its shares are now at a 17% discount to NAV.

Smaller players like Sweden’s H100 Group trade at a 32% discount, Vanadi Coffee trades at a 61% discount to its BTC value, alongside five to six firms near parity, including Brazil-based OranjeBTC. Any modest equity selloff could push them below NAV and make them ripe for a takeover if Bitcoin’s price drop continues.

Echoes of distress, delisting on MSCI, and DATs dubbed rug pulls

Bitcoin treasuries are being blasted by some naysayers in the crypto community, who believe the companies’ buying spree led to a crypto market pull-down causality. 

“Every single one of these companies is simply a pump N dump rug pull on their common shareholders. And no, preferred equities won’t save your shitty scheme when you don’t have a profitable underlying business, will not save your shitty stock. You should avoid any company that calls itself a ‘DAT’ or ‘Bitcoin treasury company’. Bunch of scammers and idiots tbh,” complained one user on X.

Some companies, seeing the whiplash of red mNAVs, are also stepping back, including Prenetics, a health-sciences firm that began buying Bitcoin in 2025. Cryptopolitan reported that it stopped adding coins on December 4 and will now focus on IM8, a nutritional supplement brand co-founded by former England football captain David Beckham.

“We are making disciplined strategic decisions that reflect our experience as operators and our commitment to maximizing long-term shareholder value,” Danny Yeung, Prenetics’s chief executive officer, said in a press release.

In other related news, index provider MSCI’s decision to exclude companies holding significant BTC reserves from its global benchmarks will be made on January 15. If the NYSE-listed company greenlights its exclusion, estimates from BTC for Corporations show the DATs would be forced to sell between $10 billion and $15 billion over a year.

BTC for Corporations, a group advocating corporate Bitcoin adoption, held discussions with MSCI leadership before 2025 came to a close. “We had a very constructive conversation,” said George Mekhail, the group’s executive director.

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