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K33 Research cautions that the bitcoin-treasury boom is cooling, with many firms now trading below the market value of their BTC holdings.
🟠 About 25% of public bitcoin-treasury firms are trading with market caps below NAV
🟠 NAKA has collapsed 96% from its peak, with mNAV down to 0.7
🟠 Other names below NAV include Twenty One (Tether-backed), Semler Scientific, and The Smarter Web Company
🟠 The mean mNAV fell to 2.8 from 3.76 in April
🟠 The Strategy (MSTR) premium dropped to 1.26, the lowest since March 2024
🟠 Treasury firms are buying an average of 1,428 BTC per day in September, the slowest pace since May
🟠 Public company holdings exceed 1 million BTC, shifting demand back toward ETFs and retail
ChainFuse
🟠 About 25% of public bitcoin-treasury firms are trading with market caps below NAV
🟠 NAKA has collapsed 96% from its peak, with mNAV down to 0.7
🟠 Other names below NAV include Twenty One (Tether-backed), Semler Scientific, and The Smarter Web Company
🟠 The mean mNAV fell to 2.8 from 3.76 in April
🟠 The Strategy (MSTR) premium dropped to 1.26, the lowest since March 2024
🟠 Treasury firms are buying an average of 1,428 BTC per day in September, the slowest pace since May
🟠 Public company holdings exceed 1 million BTC, shifting demand back toward ETFs and retail
ChainFuse
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