Corporate Bitcoin Treasuries Lose Premiums as Buying Power Weakens, K33 Warns
According to K33 Research, 25% of Bitcoin treasury companies currently trade below their BTC holdings
Quick overview
- 25% of Bitcoin treasury companies are trading below their BTC holdings, limiting their ability to raise funds.
- Despite a 3% weekly gain in Bitcoin during September, the spot market remains quiet with average daily volumes around $2.6 billion.
- Interest in BTC and ETH futures premiums is increasing, indicating traders expect future price rises, though overall market caution persists.
- Corporate Bitcoin treasury firms are experiencing a decline in buying power, with some companies like KindlyMD losing significant market value.
According to K33 Research, 25% of Bitcoin treasury companies currently trade below their BTC holdings, which restricts their capacity to raise additional funds.
K33’s new market analysis shows that even if Bitcoin did well in September, gaining 3% each week, the spot market is still quiet, with average daily volumes of about $2.6 billion. K33 says that Bitcoin’s 7-day volatility touched a yearly low in mid-September, but the price went past $115,000 in anticipation of the U.S. Federal Reserve meeting.
According to K33 Research, one out of every four public Bitcoin (BTC) treasury businesses now has a market valuation that is less than the value of its BTC holdings. The change shows that people are losing interest in corporate tactics for accumulating crypto as treasury firm premiums drop across the board.
One factor that things are looking up is that more people are interested in BTC and ETH futures premiums on the CME (Chicago Mercantile Exchange), which is one of the biggest financial exchanges in the world. A futures premium indicates that contracts to buy Bitcoin or Ethereum at a later date cost more than they do today, which shows that traders think the prices will go up.
K33, on the other hand, sees this as medium-term optimism, while traders in general are still cautious.K33 Research also says that the surge in firms buying and holding Bitcoin is certainly tapering down. One out of every four publicly traded Bitcoin treasury businesses is now worth less than the market value of their BTC holdings. This makes it difficult for them to get new money to keep buying more.
A few businesses have been struck the worst. For instance, KindlyMD (NASDAQ: NAKA) has lost 96% of its value from its peak, while Strategy (NASDAQ: MSTR), the biggest corporate Bitcoin holder, has had its market premium drop to its lowest level since March. The report argues that this drop makes it harder for MSTR to buy additional BTC and shows that one of the market’s most powerful participants has less buying power.
In September, treasury businesses contributed an average of 1,428 BTC per day, which was the slowest rate since May 2025. K33 experts say that these companies shouldn’t trade at big premiums above their Bitcoin holdings because of costs like advisory fees and complicated structures. They do, however, say that there are times when holding Bitcoin makes other areas of a firm stronger.
K33 says that the market may once again depend more on spot buyers and ETFs to fuel demand because corporate Bitcoin treasuries now own more than 1 million BTC.According to bitcointreasuries.net, K33 is one of the top 100 Bitcoin treasury firms.
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