Zero NAV can still mean valuable equity at Bitcoin treasury companies, Adam Livingston notes

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10.10.2026

Zero NAV can still mean valuable equity at Bitcoin treasury companies, Adam Livingston notes — Bitcoin treasury zero NAV valuable equity

Adam Livingston discusses how a Bitcoin treasury company can possess zero residual net asset value (NAV) and yet maintain valuable common equity. He references Robert Merton's structural model, which demonstrates that common equity acts like a call option on a company's assets. Livingston suggests that this dynamic is relevant when evaluating companies in the crypto sector, such as Bitcoin treasury firms.

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Livingston previously analyzed Bitcoin's potential, using simulations to suggest its next cycle could be significantly larger in an earlier report. He has also participated in industry discussions on Bitcoin and digital credit developments, as covered in a separate article. Both topics contribute to ongoing evaluation of crypto sector company valuations.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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