About 25% of public companies that hold significant Bitcoin reserves are currently trading on the stock exchange at a discount relative to the value of their digital assets. This conclusion was drawn by experts from K33 Research after analyzing the financial metrics of corporate holders of the first cryptocurrency.
This is reported by Business • Media
mNAV Indicator and Asymmetry Among Bitcoin Holders
Analysts used the mNAV (Market-to-Net Asset Value) index, which reflects the ratio of companies’ market capitalization to the net value of their Bitcoin reserves, taking into account debt obligations and preferred shares. An mNAV value below 1 indicates that the company is trading at a discount, while above 1 indicates a premium.
“When companies trade at a price lower than their net asset value, issuing shares becomes dilutive, as it grants more ownership rights (through undervalued shares) than it receives in return for the value of [Bitcoin],” explained Vetle Lunde, head of the research department at K33 Research.
In September 2025, the average mNAV for DAT (public treasury companies holding Bitcoin) dropped to 2.8, while in April of the same year it was at 3.76. Lunde noted that there is an asymmetric distribution: the discount for smaller companies is only increasing, while larger players maintain a premium — though not all of them.
Demand Dynamics and Positions of Key Players
It is known that the largest corporate Bitcoin holder, Strategy, has an mNAV of 1.49 according to the company’s official data, but analysts at K33 Research estimate it at 1.26. Lunde emphasized that this value significantly reduces Strategy’s ability to purchase Bitcoins and indicates a substantial decrease in demand from one of the key market participants over the past year.
The report also mentions the company KindlyMD, whose mNAV plummeted from 75 to 0.7, leading to a significant drop in the value of its shares. Among other large corporate Bitcoin holders with an mNAV around 1 or below are MARA, Twenty One Capital, Bitcoin Standard Treasury, and Semler Scientific (according to Bitcoin Treasuries).
In September 2025, the daily volume of Bitcoin purchases by these companies fell to 1428 BTC — the lowest level since May. The decrease in demand from such buyers could lead to further declines in Bitcoin prices amid increasing selling pressure.