PANews reported on June 16 that according to Cryptonews, Matthew Sigel, head of digital asset research at VanEck, warned that the strategy of listed companies using Bitcoin as a treasury asset is facing risks. When the stock price is close to the net value (NAV) of its Bitcoin holdings, continuing to finance the purchase of Bitcoin through additional stock issuance may lead to shareholder equity dilution. Take the medical technology company Semler Scientific as an example. Although it holds 3,808 BTC (about US$405 million), its stock price has fallen by more than 45% this year, and its current market value is only US$435 million, and the stock price/NAV ratio has fallen to 0.82 times.

Sigel suggested that companies should set up risk control mechanisms: if the stock price is lower than 0.95 times NAV for 10 consecutive days, financing should be suspended, and a strategic review of the decoupling of Bitcoin holdings from stock prices should be conducted. He particularly pointed out that executive compensation should be linked to the growth of NAV per share, rather than simply pursuing the size of Bitcoin holdings, to avoid repeating the mistakes of crypto mining companies that excessively issued shares to the detriment of shareholder interests.