Nearly 40% of Bitcoin treasury stocks trade below NAV after 2025 premium boom

Nearly 40% of major Bitcoin treasury firms are priced under the value of their BTC holdings, with at least 37 of the top 100 trading below balance‑sheet Bitcoin. The premium-driven playbook that lifted shares in the first three quarters of 2025 has faded, and by year‑end only France’s The Blockchain Group beat the S&P 500’s roughly 16% return.