Corporate Bitcoin Holdings Shift From Hedge to Core Strategy, Nansen Reports

Bitcoin has evolved from an experimental reserve asset to a strategic corporate holding, with significant valuation disparities emerging based on management strategy and market perception, according to a Nansen report.

Corporate Bitcoin Premiums Expose Valuation Divide: Nansen Research Study Shows

Five major firms—Strategy (formerly Microstrategy), MARA (formerly Marathon Digital), Twenty One Capital, Riot Platforms, and Metaplanet—collectively hold over 700,000 BTC. Their stock performance increasingly mirrors bitcoin’s volatility, diverging from traditional finance (TradFi) revenue metrics.

Nansen’s study published by research analyst Nicolai Søndergaard says Strategy trades at a 68% premium to its bitcoin net asset value (NAV), reflecting investor confidence in its leveraged accumulation strategy. Conversely, SPAC-backed Twenty One Capital trades at a 91% discount to its BTC NAV despite holding $4.4 billion in bitcoin, signaling market skepticism about passive models.

“Premiums emerge when bitcoin serves as an accretive asset, complemented by clear strategy or leverage,” Søndergaard’s report explains. “Discounts arise from passive Bitcoin storage, uncertain governance, or narrative deficiencies.”

Metaplanet commands a 3.5x premium due to its regional dominance in Japan, while Riot Platforms trades at double its BTC value, partly attributed to diversified mining infrastructure, Søndergaard’s figures show. The Nansen study called “Bitcoin Balance Sheets: From Fringe Reserve to Strategic Asset,” also indicates that MARA hovers near parity with its bitcoin NAV.

The report notes that investors increasingly favor regulated off-chain bitcoin exposure, with over 75% of spot BTC exchange-traded fund (ETF) shares held via brokerage platforms. Public equities like Strategy also serve as high-beta proxies, attracting record retail inflows. Vanguard, the investment titan, has a whopping $9 billion stake in Strategy.

Nansen’s researcher says the shift accelerated post-2023 amid new FASB fair-value accounting standards and U.S. bitcoin ETF approvals. Nansen notes that premiums correlate with strategic coherence: Strategy embeds bitcoin into its corporate identity, while passive holders face discounts. Bitcoin’s role now extends beyond hedging, redefining valuations in what Nansen terms the “post-fiat era.”