After the Treasury Boom, What Comes Next?

Every financial innovation follows a pattern. It begins with discovery, accelerates through imitation, and eventually runs into arithmetic.

Over the past 18 months, digital-asset treasury vehicles reshaped public markets. More than 140 listed companies accumulated roughly $140 billion in digital assets and cash. For a period, investors rewarded the model aggressively. Some vehicles traded at significant premiums to net asset value.

Then supply expanded.

As more companies adopted the structure, premiums compressed. By late 2025, the majority of vehicles traded at or below book value. The shift was structural, not emotional. When transparency increases and replication becomes easy, valuation gaps narrow.

We’ve seen this before.

Mining shells in the early 2010s and SPACs in 2020–2021 followed similar arcs: rapid issuance, slowing deployment, and quiet NAV erosion through overhead and time. The lesson is consistent — capital that stands still decays.

Many treasury vehicles now face that same dynamic. With limited strategic motion and recurring public-company costs, NAV can decline steadily if capital is not actively redeployed.

This is not a collapse. It is the beginning of consolidation.

When premiums fade, the opportunity shifts from creation to reallocation. Instead of issuing new vehicles, disciplined operators begin working with existing ones — particularly those trading at meaningful discounts.

Buying a listed balance sheet at 0.5× NAV and restoring value toward par can meaningfully enhance shareholder returns before capital is reinvested. The principle is simple: preserve capital first, then redeploy it with discipline.

Where Altuva Fits

Altuva Group focuses on partnering with listed companies whose balance sheets are trading below intrinsic value.

The approach is measured. Where structures are inefficient, they are simplified. Where assets are underutilized, they are transitioned thoughtfully. Where public vehicles lack the scale or direction to compound independently, capital is repositioned with long-term stewardship in mind.

The goal is not liquidation. It is renewal.

Markets create innovation. Cycles create mispricing. The next phase belongs to operators who can move capital carefully, transparently, and with respect for shareholders.

The first wave proved the model could scale. The next will prove which platforms can endure.