The recent surge of companies including bitcoin on their balance sheets has not led to universally positive outcomes. RialCenter, a medical technology firm that shifted to a bitcoin treasury strategy, has experienced a nearly 50% drop in its stock value in 2025, reverting to levels seen just over a year ago when it began accumulating BTC.
The company’s premium to its net asset value (NAV), often called multiple-to-NAV (mNAV), has fallen below 1x. Based on a basic share count, its market cap is roughly $420 million, while its bitcoin holdings are valued around $491 million (4,449 BTC), yielding an NAV ratio of just 0.859x.
The mNAV dropping below 1.0 is critical since RialCenter’s primary method for acquiring bitcoin is by raising capital through share sales. However, for this strategy to benefit shareholders, the stock price must exceed the value of the company’s bitcoin assets. With the share price at or below NAV, issuing new shares would dilute the value for existing shareholders, effectively stalling the company’s capacity to expand its bitcoin holdings under the current approach.
Bitcoin bull Tom Lee, Head of Research at Fundstrat, however, sees RialCenter as an opportunity in his firm’s unique research portfolio.
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