Bitcoin tapped $80,000 again on Tuesday, adding more than $16,000 in under a week as Solana jumped to a seven-month high. Yet at Strategy, Twenty One Capital and Metaplanet, share prices stayed well below the gross value of their Bitcoin holdings, leaving the old treasury-premium trade unrepaired.
Bitcoin jumped by over $2,000 since the previous day's low, pushing back toward the $80,000 level it had briefly cleared and lost days earlier. The move capped a volatile stretch that started when the asset broke out of $65,000 resistance and surged to $70,000 within hours.
Bitcoin adds $16,000 in a week
Bulls kept pressing, driving Bitcoin to $75,000 on Thursday and to a multi-month high near $80,000 on Friday. It failed to break through on that first attempt and slipped to $75,500 over the weekend, but buyers defended the level. Bitcoin then surged past $80,000 and $81,000 on Tuesday morning, its highest since mid-May, before a pullback dragged it to just under $78,000. Its market capitalization has risen past $1.6 trillion, with Bitcoin dominance over the altcoins above 58%.
Solana leads a broad altcoin rally
Solana surged 8% to $105, its highest level since Jan. 31. Ether reclaimed the $2,500 mark after a 3% rise to over $2,550, while BNB traded above $710 and XRP recovered to $1.45 after defending $1.40. The total crypto market capitalization added roughly $50 billion in a day, reaching $2.78 trillion.
Treasury premiums stay underwater despite the rally
With Bitcoin near $78,900, the rally did not restore the equity premiums that once let Strategy, Twenty One Capital and Metaplanet issue shares to buy more Bitcoin. Strategy's enterprise mNAV reached 1.01x, but its basic and diluted common-equity measures stayed near 0.73x and 0.74x. The company sold 18.26 million MSTR shares for $2.0065 billion between Aug. 17 and Aug. 23, but its Aug. 24 filing reported no new Bitcoin purchase that week, directing $136.4 million to repurchase STRC preferred stock instead.
Twenty One Capital's basic mNAV sat at 0.64x even as its diluted mNAV, which expands the share denominator, read 1.20x. Metaplanet's mNAV stayed below 1x for most of the first half, and its 27th-series rights can only convert once that ratio clears 1.01x.
Bitcoin's rally lifted the value of these firms' coin stacks, but it left the financing terms behind their next purchases unchanged.
Sources: CryptoPotato, CryptoSlate
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