Daoming Securities: Four listed companies holding Bitcoin have experienced "significant" discounts, with short sellers gaining the upper hand.

[TD Cowen: 4 publicly traded companies holding Bitcoin show "significant" discount, shorts in control] TD Cowen analyst Lance Vitanza stated in a report on Tuesday that some publicly traded companies holding Bitcoin as treasury assets are gradually losing their appeal, with their stock prices having fallen below a critical threshold. He pointed out that among the 13 companies that the investment bank tracks for purchasing Bit coins, 4 of them have share prices that are "significantly discounted" relative to the value of their held cryptocurrencies. These 4 companies are Semler Scientific (4% discount), Sequans (25% discount), DDC Enterprise (18% discount), and Bitcoin Treasury Corp (18% discount). These companies attempt to mimic the model of Strategy to a certain extent. Similar to the largest corporate Bitcoin holders, they often measure success by the number of Bitcoins held per share. This year, all four companies have turned to purchasing Bitcoin. These companies hold a total of $1.15 billion worth of Bit, but the stock price fluctuations have limited their main source of funding. They can no longer purchase Bit by issuing common stock, nor can they increase their holdings of this asset to raise the per-share Bit holdings while obtaining a premium.