Bitcoin Treasury Daily - November 13, 2025

Bitcoin treasury companies are feeling the pressure this quarter, with their stock performance lagging even Bitcoin's modest decline. Strategy and other major holders have seen their basic mNAV dip, while Metaplanet reported a 39% drop in quarterly Bitcoin valuation gains—a stark reminder that corporate treasury strategies face additional volatility beyond spot price movements. The question CFOs are asking: Is this an oversold opportunity or a sign of structural challenges? The answer may depend less on Bitcoin's price and more on upcoming macro data and how these companies manage through drawdowns.

Japan Exchange Group is weighing tighter oversight of listed crypto treasury firms, signaling that rapid corporate pivots to "Bitcoin treasury" narratives are attracting regulatory scrutiny globally. In the U.S., regulators have similarly increased outreach to companies that quickly adopted crypto treasury strategies. Meanwhile, South Korea's Bitcoin treasury ambitions hit a roadblock, with industry experts warning of a "seismic effect" on regional adoption plans. For treasury professionals, the message is clear: jurisdictional regulatory frameworks will increasingly shape how—and where—corporate Bitcoin strategies can operate.

October saw Bitcoin acquisitions by corporate treasuries fall to their lowest level in 2025—less than 15,000 BTC purchased across all companies. But the pullback may signal strategic evolution rather than retreat. Corporate crypto treasuries are diversifying beyond Bitcoin, with altcoin holdings like Ether and SOL growing rapidly. Meanwhile, Digital Asset Treasury Companies (DATCOs) are emerging as a new model that goes beyond passive holdings to active treasury management. Even institutional players like Vanguard are taking positions, disclosing a 6 million share purchase in Nakamoto. The treasury playbook is being rewritten in real time.