A recent report by Caladan shows that investors continue to invest in public companies holding bitcoin, despite the availability of bitcoin ETFs. The premium for such companies has reached significant levels, indicating deeper underlying reasons.
Market Structure of Bitcoin Stocks
According to Caladan, the average market capitalization to net asset value (NAV) ratio for 33 analyzed companies is 1.75x. Companies are divided into two groups: those who accumulate bitcoin as reserves and bitcoin miners who profit from price increases.
"This isn’t irrational exuberance. It’s the market pricing in structure, access, and trust," said Derek Lim, Research Lead at Caladan.
Why Investors Pay More
The report identifies five structural factors that explain high premiums for public bitcoin companies:
1. Market Access – Companies listed on NASDAQ or TSX attract institutional capital. 2. Capital Raising Ability – Active programs boost investor confidence. 3. Custody & Audit Transparency – Verified assets enhance trust. 4. Geographic Jurisdiction – North American firms benefit from clarity. 5. Operational Excellence – Efficient capital structures support premiums.
Evolution of Bitcoin Assets
Caladan points out that bitcoin-holding companies are transforming from speculative assets into a structured asset class. Today, over half the companies in the sample trade in the 1x–3x range of "fair value." Derek Lim noted that markets have started pricing fundamentals instead of headlines.
The Caladan report shows that high premiums on public bitcoin companies are driven not only by their reserves but also by effective business models, highlighting growing investor interest in this sector.
