最新报道：the premiums of digital asset treasury (DAT) firms are experiencing a decline, with expectations of further deterioration unless corrective measures are implemented. Greg Cipolaro, the global head of research at New York Digital Investment Group (NYDIG), highlighted on Friday that the disparity between stock prices and net asset values (NAV) of prominent Bitcoin purchasing firms, such as Metaplanet and Strategy, continues to narrow despite Bitcoin reaching new highs. Cipolaro identified several factors contributing to this compression, including investor concerns over upcoming supply unlocks, shifts in corporate objectives from DAT management teams, tangible increases in share issuance, investor profit-taking, and limited differentiation across treasury strategies. The premium to NAV for Strategy has notably decreased in recent weeks, even as Bitcoin prices have surged. Crypto treasury firms have become increasingly popular on Wall Street, attracting billions of dollars over the past year. Investors typically assess the health of these firms by comparing share prices to the value of the assets they hold. Cipolaro warned of potential volatility ahead for crypto treasury firms, as many are anticipating mergers or financing deals to go public, which could trigger a significant wave of selling from existing shareholders. He noted that several treasury companies, including KindlyMD and Twenty One Capital, are trading at or below the value of recent fundraises, and a drop in share prices might intensify selling once shares become freely tradeable. Cipolaro suggested that stock buybacks could be a straightforward strategy for treasury companies trading below their NAV, aiming to boost share prices by reducing supply. He advised DATs to reserve some of the funds raised to support shares through buybacks. The holdings of Bitcoin purchasing companies have reached a peak this year, totaling 840,000 BTC, with Strategy holding 76% or 637,000 BTC of the total, according to a CryptoQuant report. Although the number of purchases per month has increased, the total amount of Bitcoin acquired by these companies slowed in August, falling below this year's monthly average. Strategy's average purchase size decreased to 1,200 BTC in August, compared to its peak of 14,000 BTC earlier in 2025, while other companies purchased 86% less Bitcoin compared to their high of 2,400 BTC in March. This slowdown has led to a deceleration in the growth of Bitcoin treasury holdings, with Strategy's monthly growth rate dropping to 5% last month, compared to 44% at the end of 2024. Other companies experienced an 8% growth in August, down from 163% in March. Bitcoin has remained stable over the past 24 hours, trading at approximately $111,200, marking a 10.5% decline from its peak of over $124,000 in mid-August, according to CoinGecko.