One in Four Public Bitcoin Treasuries Now Trade Below NAV: K33

A quarter of all public companies holding Bitcoin now trade at market values below the worth of their BTC holdings, according to a new report from K33 Research.

Key Takeaways:

• One in four public Bitcoin treasury firms now trade below the value of their BTC holdings, signaling weakening market confidence.
• K33 warns that trading below NAV limits capital raising, with dilution risks hurting smaller firms like NAKA and others.
• BTC accumulation is slowing, while spot ETFs and retail flows are emerging as the dominant drivers of demand.

The drop reflects a growing disconnect between market confidence and the value of corporate Bitcoin treasuries, signaling that the once-booming trend may be cooling.

K33’s Head of Research, Vetle Lunde, warned that this gap is already limiting the ability of some firms to raise capital.

“Issuing shares below NAV is dilutive,” he said, explaining that companies trading under the value of their Bitcoin effectively give away more ownership than they receive in return.

The most dramatic case is NAKA, the merger vehicle of KindlyMD and Nakamoto Holdings, which has lost 96% of its market value from peak and now trades at just 0.7x NAV, down from 75x.

Other firms currently below their NAV include Tether-backed Twenty One, Semler Scientific, and The Smarter Web Company.

K33 notes that while the average NAV multiple across treasury firms remains at 2.8, that’s down from 3.76 in April, and the spread is widening.

Larger players like MicroStrategy still enjoy premiums, while smaller firms are slipping below water.

BTC accumulation is also slowing. In September, treasury firms added just 1,428 BTC per day, the weakest pace since May.

BTC Treasury stocks just went through a full-blown 4 year Bitcoin cycle in 5 months lol.

First up 5x, then down 70%.

It's not only "amplified Bitcoin" in terms of price, but also in terms of time.

Anyone who survives this can literally survive anything. pic.twitter.com/ceO1K5Ai24

Lunde called the declining premiums “rational,” noting that many of these companies face high advisory fees, insider incentives, and complicated capital structures.

Exceptions, he added, exist when firms can leverage their BTC holdings in other business areas.

Public companies now hold over 1 million BTC, but K33 suggests that spot ETFs and retail flows are taking over as the main drivers of demand.

On the derivatives front, CME bitcoin futures have returned to modest premiums over offshore perpetuals, suggesting a more balanced market.

Still, funding rates remain elevated, with leveraged traders maintaining a strong long bias, a setup that could lead to a squeeze if momentum shifts.

GD Culture Group shares plummeted 28% after announcing an $875 million share-based acquisition of 7,500 Bitcoin from Pallas Capital Holding.

The livestreaming and e-commerce firm will issue 39.2 million new shares to complete the deal, shifting its focus toward building a diversified crypto asset reserve.

CEO Xiaojian Wang framed the move as a strategic pivot to tap into rising institutional interest in Bitcoin.

Investors, however, responded with caution. The stock drop reflects concerns over significant share dilution and the risks of speculative crypto exposure. G

DC’s market cap now sits at $117.4 million, down 97% from its 2021 peak. Analysts, including VanEck, have previously warned that funding crypto purchases with stock offerings can erode shareholder value if the shares trade below the asset value.

Michael Saylor’s Strategy now holds 636,505 BTC, making it the largest corporate holder by a wide margin.

Bitcoin mining firm MARA Holdings remains in second with 52,477 BTC, after adding 705 BTC in August.

But new entrants are gaining ground. XXI, founded by Strike CEO Jack Mallers, has amassed 43,514 BTC, while the Bitcoin Standard Treasury Company holds 30,021 BTC.

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