Overview

• K33 reports about 25% of public Bitcoin treasury firms now trade below the value of their BTC holdings, with the average market-to-NAV multiple down to 2.8 from 3.76 in April.
• TD Cowen flags four names at meaningful discounts to their crypto holdings: Semler Scientific (-4%), Sequans (-25%), DDC Enterprise (-18%), and Bitcoin Treasury Corp (-18%).
• K33’s Vetle Lunde warns that issuing shares below NAV is dilutive, constraining smaller firms’ primary funding model for buying more Bitcoin.
• Corporate accumulation has slowed to roughly 1,428 BTC per day in September, the weakest pace since May, as spot ETFs and retail flows take the lead in demand.
• Larger players like MicroStrategy still trade at a premium—with the largest holder near 1.29x mNAV this week—while weaker firms face sharp volatility, potential takeovers, and cases like NAKA near 0.7x NAV after steep losses.