Trump’s announcement of 100% tariffs on Chinese imports sent shockwaves through crypto stocks Friday. Coinbase dropped 7.75% to $357, while Bullish fell 9.42% to $60.37 as investors panicked about trade war implications. Bitcoin mining company Marathon Holdings got absolutely crushed, falling 7.67% to $18.65.
The real damage showed up in Bitcoin treasury companies, though. Strategy, the biggest publicly traded Bitcoin holder with roughly $78 billion in BTC, closed down 4.84% at $304.79. More concerning for analysts was the company’s multiple-to-net asset value (mNAV) dropping to its lowest level in 19 months at 1.180.
That number matters because treasury companies need their mNAV to stay above 1.0 to keep expanding Bitcoin holdings. When it drops below that, it signals balance sheet weakness and could force consolidation across the industry. Strategy currently trades at a $16 billion premium to its $94 billion market cap, but that assumes Bitcoin keeps appreciating.
The problem is worse than just stock prices falling. These Bitcoin treasury firms used PIPE financing to fund their acquisitions, and history shows they tend to converge back toward their discounted PIPE issuance prices. Some early investors are already sitting on losses up to 55%.
Metaplanet, the Japanese Bitcoin company, fell only 2.25% to $3.48, showing more resilience than US-based firms.
Conclusion
Trump’s tariff announcement triggered 7-9% losses in crypto stocks, while Bitcoin treasury company Strategy’s mNAV hit a 19-month low, signaling industry consolidation pressures ahead.
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