{"id":97126,"date":"2025-09-16T22:39:20","date_gmt":"2025-09-16T22:39:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=97126"},"modified":"2025-09-16T22:39:20","modified_gmt":"2025-09-16T22:39:20","slug":"bitcoin-price-hits-117000-as-treasury-stocks-like-mstr-naka-collapse","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=97126","title":{"rendered":"Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse<\/a><\/p>\n

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The hangover from the paper bitcoin summer<\/a> delusion has arrived, swiftly and painfully. We see it, not in the bitcoin price, which is once more calmly and unremarkably ticking upward \u2014 pushing up against $117,000<\/a> Tuesday evening \u2014 but in the stock prices of bitcoin treasury companies. They\u2019re all getting slaughtered<\/em>: Look at the graphs of $MSTR, Metaplanet, $NAKA, H100, Smarter Web Company and they all look the same \u2014 shitcoin-style pump into the heavens, followed by a drawn-out decline back to where they started (or well below it).\u00a0<\/p>\n

For a while there, we \u2014 and the rest of Wall Street \u2014 thought anyone could arbitrage financial markets. Issue shares at above their intrinsic value; buy bitcoin; repeat.<\/em> For this vertiginous summer fling, Wall Street was paying more than a dollar for a dollar\u2019s worth of bitcoin, and everyone\u2019s eyes lit up with dollar signs; this is a trade that, if you\u2019re able to, you\u2019ll happily do all day long.\u00a0<\/p>\n

But now that that\u2019s over, there\u2019ll be hell to pay \u2014 and the devil is already out kicking ass and taking names.\u00a0<\/p>\n

Oh, and it\u2019s not nice to kick a guy who\u2019s already down (and certainly not when that guy is in some sense your boss\u2026) but given that $NAKA fell a whopping 50% the other day after the S3 PIPE shares restriction period ended<\/a> \u2014 having already collapsed some 87% from its May pump-and-dump peak \u2014 it\u2019d be remiss of us price therapists<\/a> not<\/em> to take a second look.<\/p>\n

So, with the outstanding, tradeable float of shares increased overnight some 50x \u2014 and, one would suppose, plenty of second-layer PIPE \u201cinsiders<\/a>\u201d wanna dump-dump-duuuuump \u2014 the formula was pretty simple: lots of extra supply meet no demand equals collapsing<\/em> price. In bitcoin treasury company analyst Adam Livingston\u2019s words<\/a>: \u201cAnd you get a perfect physics lesson here: add mass, you lose altitude.\u201d<\/p>\n

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5. \u201cTreasury mania is over!\u201d Says the critics who have been fading the treasury strategy since we invested in Metaplanet 18 months ago at $15m market cap. The treasury play is just getting started and your lack of vision is why you missed it the first time and will miss it the\u2026<\/p>\n

\u2014 David Bailey $1.0mm\/btc is the floor (@DavidFBailey) September 16, 2025<\/a>\n<\/p><\/div>\n

As usual, bitcoin didn\u2019t care: It jumped almost 2% today<\/a>, on no material news, after a brief fling downward off its current $116,000 stablecoin pattern. As Bitcoin Magazine Pro\u2019s Matt Crosby says in a recent video, bitcoin price is \u201cpoised for breakout<\/a>.\u201d<\/p>\n

The same cannot be said for the poor treasury companies.<\/p>\n

Even best-in-class Saylor\u2019s Strategy ($MSTR) is struggling \u2014 as it has since operation offload-on-retail began last year; Strategy is gobbling up coins by the hundreds<\/a>, yet the mNAV compresses more and more, hitting an (unadjusted) yearly low of 1.27<\/a>. We\u2019re quickly getting to the point where the stock premium (i.e., the source of all treasury company magic<\/a>) is gone, and the treasury companies become expensive, glorified ETFs.<\/p>\n

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If you’re a bank, shouldn’t you trade like a bank? (i.e., at around 1 book value) https:\/\/t.co\/4Ffnc73LGt<\/a><\/p>\n

\u2014 Joakim Book (@joakimbook) September 14, 2025<\/a>\n<\/p><\/div>\n

\u201cAlways have been,\u201d the meme world might retort.<\/p>\n

Back to our beloved frog, Nakamoto. Baaaaaad <\/em>things happened to it recently. This is a nasty chart:\u00a0<\/p>\n

Printing infinite number of copiable paper against a non-credible bitcoin strategy could never have ended any other way. Congrats, NAKA leadership; you wasted six months (or more) of prime bull market real estate playing high finance, and now you\u2019re punished for it.<\/p>\n

The delusion that was bitcoin treasury strategy has ended, and the NAKA strategy \u2014 running the mNAV-squared treasury strategy<\/a> \u2014 has squarely suffered because of it. (Though, as of this writing, $NAKA is up 20% on the day<\/a> from its extreme<\/em> crazy low\u2026 yah-yah, nobody cares.)<\/p>\n

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BREAKING NEWS : $NAKA<\/a> will be changing their ticker to $NADA<\/a> pic.twitter.com\/H5vfi2TKLT<\/a><\/p>\n

\u2014 Magoo PhD (@HodlMagoo) September 16, 2025<\/a>\n<\/p><\/div>\n

Livingston<\/a> is, again, making beautiful sense of the madness:\u00a0<\/p>\n

\u201cThe September 15 crash was not a mysterious market mood swing. It was the predictable result of half a billion discounting shares stampeding through an order book designed for a few million: supply floods, the price sinks, and the physics lesson is complete.\u201d<\/p>\n

The everlasting upward magic of (money-share printing) bitcoin treasury companies is gone. Good riddance. Now these companies have to prove real value-add with the corporate-wrapped coins they hold on to so dearly\u2026 or perhaps we can go back to de<\/em>-financializing the economy \u2014 you know, that annoying, original reason for Bitcoin.\u00a0<\/p>\n

This post Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Joakim Book<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bitcoin Price Hits $117,000 as Treasury Stocks Like MSTR, NAKA Collapse The hangover from the paper bitcoin summer delusion has arrived, swiftly and painfully. We see it, not in the bitcoin price, which is once more calmly and unremarkably ticking upward \u2014 pushing up against $117,000 Tuesday evening \u2014 but in the stock […]<\/p>\n","protected":false},"author":0,"featured_media":97127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-97126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/97126"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=97126"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/97126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/97127"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=97126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=97126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=97126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}