Overview

• Market value now sits below the worth of the company’s roughly 5,765 Bitcoin holdings, with mNAV reported near 0.75 by Bitcoin Treasuries.
• An S-3 filing on Sept. 12 enabled trading of discounted $200 million PIPE shares, and volume surged to roughly 89 million shares during the sell-off.
• CEO David Bailey told short-term holders to leave in a shareholder letter, framing the volatility as a transition to a longer-term investor base.
• The firm pivoted into a Bitcoin treasury via its August merger with Nakamoto and disclosed an initial purchase of about 5,744 BTC while also setting up an at-the-market program of up to $5 billion, raising dilution concerns.
• Shares have fallen more than 90% from late-August highs, and outside observers, including CryptoQuant’s Julio Moreno, attributed the drop to alleged insider selling alongside broader fatigue with digital-asset-treasury stocks.