According to a new report from K33 Research, 25% of all public Bitcoin treasury companies are now trading below their net asset value (NAV) as of September 2025. This development indicates a significant cooling in the once-booming trend of corporate Bitcoin accumulation and reflects weakening market confidence in these specialized firms.
Notable companies trading below NAV include NAKA, which has seen a dramatic 96% decline from its peak market value and now trades at just 0.7x NAV (down from 75x), along with Tether-backed Twenty One, Semler Scientific, and The Smarter Web Company. While industry giant MicroStrategy still maintains a premium, its market premium to BTC has dropped to levels unseen since early 2024.
K33's Head of Research Vetle Lunde warned that this NAV gap is limiting these firms' ability to raise capital, explaining that "issuing shares below NAV is dilutive" as companies effectively give away more ownership than they receive in return. The average NAV multiple across treasury firms has declined from 3.76 in April to 2.8 currently, with the spread widening between larger and smaller players.
The report also reveals that Bitcoin accumulation is slowing significantly, with treasury firms adding just 1,428 BTC per day in September—the weakest pace since May. Despite public companies now holding over 1 million BTC collectively, K33 suggests that spot ETFs and retail flows are emerging as the dominant drivers of Bitcoin demand, potentially returning the market to more organic demand impulses.