CMC News

$BTC Treasury Crisis as 25% of Firms Trade Below NAV

One in four public $BTC treasury companies now trade at market capitalizations below their $BTC holdings value, according to K33 research. The shift signals cooling enthusiasm for corporate #crypto accumulation strategies as #treasury firm premiums compress across the sector.

Lower market-to-net-asset-value multiples reduce companies' capacity to raise fresh capital for additional $BTC purchases. When firms trade below NAV, issuing new shares becomes dilutive as they surrender more ownership through undervalued shares than the $BTC value received in return.

NAKA experienced the sharpest collapse, shedding 96% of its market value from peak levels. The company's mNAV multiple plummeted from 75 to just 0.7, while other firms including Twenty One, Semler Scientific, and The Smarter Web Company also trade below NAV.

MicroStrategy's premium fell to 1.26, the lowest level since March 2024, constraining the pioneer's ability to tap equity markets for new #Bitcoin acquisitions. Average daily purchases by treasury firms dropped to 1,428 $BTC in September, the lowest pace since May.

Mean mNAV multiples across listed treasury firms sit at 2.8, down from 3.76 in April, though distribution remains skewed. Smaller companies increasingly trade underwater while larger players maintain meaningful #premiums despite the overall sector decline.