1 in 4 Bitcoin-holding companies worth less than their BTC: K33
K33 Research says 25% of Bitcoin treasury companies are now valued below the market value of their BTC.
New market research by K33 says that despite Bitcoin’s strong performance in September with a 3% weekly gain, the spot market remains quiet, with average daily volumes around $2.6 billion. According to K33, Bitcoin’s 7-day volatility hit a yearly low in mid-September before the price climbed above $115,000 in anticipation of the U.S. Federal Reserve meeting.
Among bullish indicators is growing interest in BTC and ETH futures premiums on the CME (Chicago Mercantile Exchange), one of the world’s largest financial exchanges. A futures premium means contracts to buy Bitcoin or Ethereum at a later date are priced higher than today’s market price, showing traders expect values to rise. However, K33 views this as medium-term optimism, while overall trader sentiment remains cautious.K33 Research also finds that the boom in companies buying and holding Bitcoin is clearly slowing. One in four publicly traded Bitcoin treasury companies is now valued below the market worth of their BTC holdings, making it harder for them to raise fresh capital to continue accumulating.
Some firms have been hit especially hard. KindlyMD (NASDAQ: NAKA), for example, has lost 96% of its value from its peak, while Strategy (NASDAQ: MSTR), the largest corporate Bitcoin holder, has seen its market premium shrink to its lowest level since March. This decline, the report says, limits MSTR’s ability to purchase more BTC and points to reduced buying power from one of the market’s most influential players.
Among bullish indicators is growing interest in BTC and ETH futures premiums on the CME (Chicago Mercantile Exchange), one of the world’s largest financial exchanges. A futures premium means contracts to buy Bitcoin or Ethereum at a later date are priced higher than today’s market price, showing traders expect values to rise. However, K33 views this as medium-term optimism, while overall trader sentiment remains cautious.K33 Research also finds that the boom in companies buying and holding Bitcoin is clearly slowing. One in four publicly traded Bitcoin treasury companies is now valued below the market worth of their BTC holdings, making it harder for them to raise fresh capital to continue accumulating.
Some firms have been hit especially hard. KindlyMD (NASDAQ: NAKA), for example, has lost 96% of its value from its peak, while Strategy (NASDAQ: MSTR), the largest corporate Bitcoin holder, has seen its market premium shrink to its lowest level since March. This decline, the report says, limits MSTR’s ability to purchase more BTC and points to reduced buying power from one of the market’s most influential players.
Treasury firms added an average of 1,428 BTC per day in September, the slowest pace since May 2025. K33 analysts argue that it is logical for these firms not to trade at high premiums above their Bitcoin holdings, given costs such as advisory fees and complex structures. Still, they note that exceptions exist when Bitcoin holdings strengthen other parts of a company’s business.
With corporate Bitcoin treasuries now exceeding 1 million BTC, K33 concludes that the market may once again rely more heavily on spot buyers and ETFs to drive demand.Headquartered in Oslo, Norway, K33 ranks among the top 100 Bitcoin treasury companies, holding 126 BTC worth over $14.6 million at current prices, according to bitcointreasuries.net.
With corporate Bitcoin treasuries now exceeding 1 million BTC, K33 concludes that the market may once again rely more heavily on spot buyers and ETFs to drive demand.Headquartered in Oslo, Norway, K33 ranks among the top 100 Bitcoin treasury companies, holding 126 BTC worth over $14.6 million at current prices, according to bitcointreasuries.net.
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