Publicly listed companies that have been accumulating Bitcoin for their treasuries are beginning to face financial challenges. A growing number of these firms now have a market value that is less than the value of the Bitcoin they hold, indicating a potential slowdown in the corporate treasury boom.
Research from K33 reveals that one in four of these "Bitcoin treasury" companies are now trading below their net asset value. This situation makes it difficult for them to raise fresh capital by issuing new stock without diluting existing shareholders. Some companies, such as KindlyMD's NAKA vehicle, have seen their value collapse dramatically, losing over 95% from their peak. Other firms, including Twenty One, Semler Scientific, and The Smarter Web Company, have also fallen below the value of their crypto reserves.
While larger players like MicroStrategy still trade at a premium, that premium is much thinner than before, which has slowed down their once-regular Bitcoin purchases. This overall trend shows a clear split, with smaller companies bearing the brunt of the downturn.
The fatigue is also visible in market flows. Corporate Bitcoin purchases in September have been at their lowest since spring, averaging just over 1,400 BTC per day. Analysts suggest this is a necessary correction, arguing that these firms should not command heavy premiums given the operational costs they incur.
Interestingly, while the corporate side shows strain, the Bitcoin derivatives market paints a healthier picture. CME futures are trading at a modest premium, which historically indicates a more stable market backdrop compared to the speculative excess seen in offshore perpetual contracts. However, risks remain as funding rates and open interest in perpetual futures are still elevated, which could lead to a sharp liquidation event if the market sentiment shifts.
With over 1 million BTC now held in corporate treasuries, the article suggests that the next phase of demand may come from ETFs and retail investors, signaling that the era of corporate balance sheets driving the market may be coming to a close.
September 2025, Cryptoniteuae