Markets· ★★★· neutral·

Analysts: market will demand financial discipline from bitcoin treasury companies

  • —Top treasury firms bought 1,666 BTC in Q3, down from 83,901 BTC in Q2
  • —Other public companies added 5,617 BTC versus 45,725 BTC the prior quarter
  • —Spot bitcoin ETFs took in $6.4 billion in Q3 but saw $229 million of weekly outflows
  • —Vanishing NAV premiums made share issuance for BTC purchases dilutive to holders
Why it matters: The model of buying bitcoin via equity issued at a premium to NAV is exhausted, pushing the market toward funding from operating cash flow.
#BTC
Source: Bit2Me News
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