According to a new study by analytical firm K33 Research, about 25% of public companies holding bitcoin reserves are currently trading at a discount to the value of their cryptocurrency assets. This means that their market capitalization is lower than the net worth of their bitcoin reserves.
This is reported by Finway
mNAV: A Key Metric for Valuing Bitcoin Treasuries
In the K33 Research report, experts use the mNAV (Market-to-Net Asset Value) metric — the ratio of a company’s market valuation to the value of its bitcoin portfolio. If mNAV exceeds 1, the company is trading at a premium. If this metric is equal to or less than one, the company is valued by the market below the worth of its crypto assets.
“When companies trade at a price lower than their net asset value, issuing shares becomes dilutive, as it gives away more ownership rights (due to undervalued shares) than it receives in return for the value of [bitcoin],” explained the head of the research department at K33 Research, Vetle Lunde.
The average mNAV among public bitcoin holders (DAT) fell to 2.8 in September 2025, down from 3.76 in April of the same year. Experts note an asymmetric distribution: the discount among smaller companies is increasing, while the largest market participants mostly maintain a premium. However, even among the leaders, there are instances of significant mNAV declines.
Key Players and Market Trends
According to information from the official website of Strategy, the largest corporate bitcoin holder, their mNAV stands at 1.49. However, analysts at K33 Research point to an even lower figure — 1.26.
“This significantly reduces Strategy’s ability to purchase bitcoins and indicates a substantial decrease in demand from one of the most important absorbers of supply over the past year,” noted Lunde.
The report also highlights the company KindlyMD, whose mNAV sharply dropped from 75 to 0.7, accompanied by a stock collapse. Corporate owners with an mNAV around 1 or lower include MARA, Twenty One Capital, Bitcoin Standard Treasury, and Semler Scientific.
It is worth noting that in September 2025, the average daily bitcoin purchase volume among treasury companies (DAT) was 1428 BTC — the lowest level since May. Experts warn that a decline in demand from this category of buyers could intensify selling pressure and provoke further downturns in the bitcoin market.