Foreign media: Bitcoin treasury companies do not necessarily trade based on the value of their holdings of BTC. The article points out that the premium or discount given by the market depends more on how the company uses its capital structure, rather than just the current price of Bitcoin.

Strategy has become a typical example.

Strategy is the most well-known company in this industry. According to the article, the company raised $25.3 billion in financing in 2025, becoming the largest stock issuer in the United States that year, while also continuing to increase its holdings of Bitcoin. By July 2026, its holdings had exceeded 843,000 BTC, and during that year, it raised an additional $17.06 billion through a market-price issuance plan.

Why does the premium fall back?

The article suggests that the premium of such stocks may fall even faster than Bitcoin itself. The reason is that investors will re-evaluate the financing capabilities, market sentiment, and whether the companies can continue to increase their holdings. Once the capital market weakens, the valuation gap could narrow rapidly.

Discount does not equal cheapness.

The article also mentions that debt, preferred stock obligations, and high dividend payments can all depress valuations. The market may also take into account in advance potential future dilutions, debt repayments, tax burdens, operating costs, and even the possibility of the company selling Bitcoin in the future. The introduction of a framework in 2026 that allows for the sale of Bitcoin to support reserves, interest payments, and preferred stock dividends indicates that the treasury assets are not completely locked in. Strategy

Additional information:The article emphasizes that buying BTC is not the same as buying Bitcoin treasury shares. The former involves directly holding assets, while the latter also comes with additional variables such as management, financing, dilution, and debt.