Corporate bitcoin treasuries have nearly halted their purchases, adding only 5,900 BTC over three months, compared to 159,107 BTC in the second quarter of 2025 alone. The mNAV ratio, which compares market capitalization to the value of crypto assets on the balance sheet, has fallen below 1, making share issuance value-destructive and drying up the primary financing channel for purchases. Strategy remains the largest holder with over 800,000 BTC but has spaced out acquisitions to small tranches of just a few dozen tokens. MSCI’s consultation on potentially excluding companies with heavy crypto exposure threatens up to $8.8 billion in passive flows according to JPMorgan. These treasuries collectively hold over one million BTC without liquidating, but new buying has effectively stopped.
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