Momentum Slows for Bitcoin Treasury Companies, One in Four Trading Below Net Asset Value, According to K33 Report

K33 Research has analyzed the current state of Bitcoin (BTC) treasury companies, reporting that one quarter of these public companies are trading at market capitalizations below the value of their held Bitcoin. The situation where the mNAV (market capitalization to held cryptocurrency value ratio) falls below '1' continues, highlighting structural issues that dilute fundraising through new stock issuance.

Particularly severe is the case of NAKA, a merger between KindlyMD and Nakamoto Holdings, which has seen its market capitalization plummet by over 95% from its peak. The mNAV ratio also dramatically dropped from 75 times to 0.7 times, affecting companies like Tether-linked TwentyOne, Semler Scientific, and others...