Bitcoin Mining Stocks Outperform Bitcoin And Corporate Treasuries In Latest

Bitcoin’s corporate treasuries and bitcoin mining sector have become two of the defining narratives of this cycle. From (Micro)Strategy’s MSTR billion-dollar balance sheet buys to the rise of MetaPlanet and the explosive growth of bitcoin mining companies, institutional and industrial adoption have emerged as powerful structural supports for the network. But now, after years of near-constant accumulation and market outperformance, the data suggests we’re entering a critical inflection point — one that could determine whether Bitcoin’s corporate treasuries and mining equities continue to lead or begin to lag as the next phase of the cycle unfolds.

Bitcoin Treasury Accumulation

Our new Bitcoin Treasury Tracker provides day-by-day insight into how much Bitcoin these major public and private treasury companies hold, when they’ve accumulated, and how their positions have evolved. These treasuries now collectively hold over 1 million BTC, a staggering sum representing over 5% of the total circulating supply. 

The scale of this accumulation has been a cornerstone of Bitcoin’s current cycle strength. However, some of these companies are facing increasing pressure as their equity valuations struggle to keep pace with the Bitcoin price itself.

Valuation Compression Across Bitcoin Treasuries

(Micro)Strategy / MSTR, the pioneer of corporate Bitcoin adoption, remains the most significant publicly traded Bitcoin holder. Yet, recent months have seen its stock underperform relative to Bitcoin’s own price action. While Bitcoin has consolidated in a broad range, MSTR’s equity has fallen more sharply, pushing its Net Asset Value (NAV) Premium, the ratio between its market valuation and the underlying Bitcoin it holds, closer to parity at 1.0x.

This compression signals that investors are valuing the company increasingly in line with its pure Bitcoin exposure, with little added premium for management execution, future leverage, or strategic innovation. Last cycle and earlier this cycle, MSTR traded with a significant premium as markets rewarded its leveraged exposure. The trend toward parity suggests waning speculative appetite and highlights just how closely this cycle’s market psychology mirrors prior late-stage expansions.

A Cycle-Defining Inflection for Bitcoin and Bitcoin Mining Stocks

The most revealing view comes from the BTCUSD to MSTR ratio, essentially measuring how many MSTR shares can be purchased with one Bitcoin. At present, the ratio sits around 350 shares per BTC, placing it squarely at a major historical level of support turned resistance that has defined price action turning points.

Right now, this chart is sitting at a make-or-break region. A…