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

Group 1 - A quarter of all public companies holding Bitcoin now trade at market values below the worth of their BTC holdings, indicating a disconnect between market confidence and corporate Bitcoin treasuries [1][7] - K33 Research highlights that this gap limits the ability of firms to raise capital, as issuing shares below NAV is dilutive [2][7] - The average NAV multiple across treasury firms has decreased from 3.76 in April to 2.8, with notable firms like NAKA trading at just 0.7x NAV [3][4] Group 2 - Larger players like MicroStrategy continue to enjoy premiums, while smaller firms are struggling, with BTC accumulation slowing to just 1,428 BTC per day in September [4][5] - Public companies now hold over 1 million BTC, but spot ETFs and retail flows are becoming the main drivers of demand, overshadowing corporate treasury accumulation [5][7] - GD Culture Group shares fell 28% following an $875 million acquisition of 7,500 Bitcoin, reflecting market reactions to large transactions [6]