Crypto firms raise $15B via equity to buy Bitcoin but face heavy share dilution and trading below asset value.

Since April 2025, over 40 crypto treasury companies have raised more than $15 billion through private equity deals to buy Bitcoin and other digital assets. However, about 80% of these firms now trade below their net asset value due to shareholder dilution and falling share prices. The strategy, once successful for firms like MicroStrategy, is losing favor as investors grow wary of equity dilution and regulatory scrutiny increases. Many companies are diversifying into altcoins, adding further risk, while investors are advised to watch the discount or premium to net asset value as a key indicator of management effectiveness.