The Breakdown Bitcoin Treasury Honeymoon Ends
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Dec 11, 2025 21 Capital's rocky debut on the NYSE raises eyebrows as investors shift their expectations. The discussion navigates the end of premium valuations for Bitcoin treasury firms and highlights the need for real cash-flow businesses. As institutional dynamics replace retail trends, the focus has shifted toward execution over mere narrative. Additionally, SEC Chair Paul Atkins lays out plans for clearer crypto regulations, emphasizing the importance of innovation and categorization in the evolving market landscape.
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21 Capital's Rocky NYSE Debut
- 21 Capital's NYSE debut cratered, opening ~25% below its SPAC close and trading in line with its Bitcoin treasury value.
- Nathaniel Whittemore framed the drop as a wake-up call that markets won't pay for simple share-sales-to-buy-Bitcoin models anymore.
The 1x Valuation Gravity
- Markets are pricing many Bitcoin treasury firms at ~1x treasury value, removing any premium for narrative alone.
- Whittemore observed that without revenue or other growth levers, hitting a 1x multiple leaves these firms no path to upside.
Honeymoon Over For Treasury Firms
- The Bitcoin-treasury business model (sell shares, buy BTC) enjoyed a honeymoon but now needs real revenue to justify multiples.
- Whittemore argued the market now demands execution and demonstrated balance-sheet growth beyond financial engineering.