The bitcoin treasury model cracks: firms turn to AI
The model of listed companies stuffing their balance sheet with bitcoin is stalling in 2026. K Wave, Genius Group and Bitdeer sold their BTC — partly to repay debt, partly for AI. The premium on these 'bitcoin stocks' has evaporated.
For a few years it was a popular trick: listed companies put their cash into bitcoin and watched their shares rise along with the price. In 2026 that treasury model is stalling, and the list of companies throwing in the towel is growing.
From a 10,000 BTC target to zero
The clearest example is K Wave Media, a Nasdaq-listed South Korean media company. On 1 July it sold its last 88 BTC to repay around 6 million dollars (roughly €5.3 million) in debt — and now holds zero bitcoin. Back in 2025 it was targeting 10,000 BTC with a financing capacity of 1 billion dollars (roughly €875 million). It has since put 485 million dollars (roughly €424 million) into AI infrastructure, citing margins above 85% on AI contracts.
More companies follow
K Wave is not alone. Genius Group sold its final 84 BTC in early 2026 to repay 8.5 million dollars (roughly €7.4 million) in debt. Bitdeer cut its holdings to 31 BTC and is shifting toward AI cloud and infrastructure. And Sequans sold much of its bitcoin to redeem 2025 bonds. Strikingly often, the new destination is the same: artificial intelligence.
Why the model is cracking
The heart of the problem is called mNAV below 1.0: the share then trades below the value of the bitcoin the company holds. That erases exactly the premium that made the model attractive — you could buy 'leveraged bitcoin' through a stock. Higher interest rates made debt more expensive, and the AI boom pulled available capital away. The model flipped.
What does it mean for you?
Important for anyone who bought such stocks as a roundabout way to own bitcoin: that no longer works. The premium is gone, and some of these companies are selling right at the bottom. At the same time, this is not a collapse of bitcoin itself: 198 listed companies still hold a combined 1.27 million BTC (around 77.5 billion dollars, roughly €67.8 billion) — though that is some 62 billion dollars less than at the peak.
Caveat: it's the model, not the coin
An important distinction: what is cracking here is a corporate strategy, not bitcoin as a technology or investment. The sector remains large, and many companies are simply holding their BTC. But it shows that 'bitcoin on the balance sheet' is not free money — it brings debt, interest and shareholder pressure. If you hold such stocks, it pays to look hard at the mNAV.
Sources: The Crypto Times. Last checked: 22 July 2026.