Fees will bleed crypto treasury companies for decades | Protos
Now the May 2025 crypto treasury stock bubble has well and truly burst, analysts are reviewing the fine print that many investors ignored when they bid up stocks as high as 23x multiple-to-Net Asset Value (mNAV). Digging through Security and Exchange Commission filings, they’ve unearthed millions of dollars in eye-popping fees. Investors primarily value crypto treasury sector stocks, unlike traditional companies, based on the value of a company’s crypto holdings multiplied by mNAV. This mNAV multiplier fluctuates alongside investors’ confidence, fear, and greed. Ultimately, crypto treasury companies trade based on executives’ ability to instill confidence that they will sustainably accrete crypto holdings to shareholders on a dilution-adjusted basis. For up to 20 years into the future, however, publicly-listed crypto treasury companies will be quietly paying advisors and asset managers lavish pay packages . With annual service fees of up to 2% plus options, wa...