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25% of bitcoin treasury firms now trade at market caps below their BTC holdings.
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Smaller firms face challenges raising new capital at discounts.
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Strategy’s premium also shrank, reducing its ability to buy BTC.
Corporate treasuries under pressure
According to K33 Research, one in four public bitcoin treasury firms now trades at a discount to the value of their BTC holdings. This makes it harder for them to issue new shares without diluting shareholders.
Case studies
The steepest fall came from NAKA, the KindlyMD and Nakamoto Holdings merger vehicle, which collapsed 96% from peak. Other firms, including Tether-backed Twenty One and Semler Scientific, also trade below net asset value.
Impact on acquisitions
Michael Saylor’s Strategy, the largest bitcoin treasury firm, has seen its premium fall to 1.26 — the lowest in more than a year. This limits its ability to raise capital and slows down new BTC purchases. Treasury firms as a whole averaged just 1,428 BTC in daily acquisitions in September, the weakest pace since May.
A shift toward ETFs and retail
With over 1 million BTC now held by public firms, analysts suggest demand may increasingly come from ETFs and retail investors instead of corporates. CME futures trading at modest premiums also indicate a healthier market balance than during overheated peaks.
