Bitcoin Holds Steady as Treasury Firms Face Mounting Pressure

MicroStrategy Adds More BTC, but DATs Struggle

Bitcoin’s price momentum slowed on Monday even after MicroStrategy (Nasdaq: MSTR) revealed the purchase of an additional 525 BTC, bringing its holdings to a massive 638,985 BTC. Despite the accumulation, the company’s market-adjusted net asset value (mNAV) slipped to 1.47, reflecting challenges faced by digital asset treasury companies (DATs).

Analysts at Standard Chartered Bank point to weakening mNAVs as a key reason why treasury firms are slowing down on fresh Bitcoin buying. With valuations under pressure, many companies are choosing caution over further accumulation, contributing to Bitcoin’s pause in upward momentum.

Why mNAV Matters for Bitcoin Treasuries

The mNAV ratio compares a company’s enterprise value with the dollar value of its Bitcoin reserves. When enthusiasm around Bitcoin treasuries peaked, MicroStrategy and similar firms traded at mNAVs of around 3.00, suggesting that investors valued them at three times their BTC holdings.

Today, however, with more companies entering the treasury space, mNAVs have compressed to nearly 1.00. According to Standard Chartered, once ratios hit that level, treasury firms find it much harder to justify new large-scale Bitcoin purchases.

“Digital asset treasuries have struggled recently. Share prices are down due to lower mNAVs. A strong mNAV indicates more sustainability and the ability to buy more coins. A weak one suggests the opposite,” noted Geoffrey Kendrick, head of digital assets research at Standard Chartered.

Bitcoin Market Update

At the time of reporting, Bitcoin was trading at $114,883.07, down 0.56% in the last 24 hours. The flagship crypto has moved between $114,461.06 and $116,747.88 since Sunday.

Key market highlights include:

• 24-hour trading volume surged 55.56% to $49.79 billion, showing renewed market activity.
• Market cap slipped slightly by 0.56% to $2.28 trillion.
• Bitcoin dominance climbed 0.73%, reaching 58.22%, signaling BTC’s stronger position over altcoins.
• Futures open interest remained nearly flat at $83.12 billion (down 0.22%).
• Total liquidations stood at $45.92 million, with longs contributing $35.22 million and shorts $10.70 million.

What’s Next for Bitcoin?

With institutional treasury firms slowing their pace due to compressed mNAVs, Bitcoin may continue to consolidate in the near term. Still, stronger dominance and high trading activity indicate that market participants remain engaged—suggesting the next breakout could be shaped more by retail and macroeconomic catalysts than by corporate treasury buys.

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