Спад в криптоказначействах: Блокчейны на грани истощения возможностей Translation: Decline in Crypto Treasuries: Blockchains on the Verge of Exhausting Their Capabilities

According to the September report by K33, there has been a marked decline in the valuations of public companies that hold Bitcoin on their balance sheets. One in four of these organizations has a market capitalization that falls below the value of their owned digital assets.

As stated by Vetle Lunde, head of research at K33, the gap between the mNAV (market-to-net-asset-value ratio) and Bitcoin’s value means that companies are effectively relinquishing more equity than they are receiving in return.

Issuing new shares at a discount when the mNAV is below one results in a dilution of capital, which hampers the ability of some corporate investors to raise additional funds.

The crypto firm Nakamoto, formed from the merger of KindlyMD and Nakamoto Holdings, has experienced a drastic collapse in stock value. NAKA has lost over 95% of its market capitalization since its peak, with its mNAV plummeting from 75 to 0.7.

According to Bitcoin Treasuries, the holders of discounted shares include companies such as Twenty One, Semler Scientific, and The Smarter Web Company.

On September 16, GD Culture Group, a streaming and e-commerce company, encountered a decrease in share price. Following the announcement of their acquisition of 7,500 Bitcoins from Pallas Capital Holding for $875 million, their stock fell by 28%. At the time of writing, GDC is in the process of recovery.

The firm has shifted its focus towards creating a diversified reserve of crypto assets; however, investors reacted to the news with caution. The drop in shares reflected concerns regarding significant dilution of equity and the risks associated with a speculative crypto portfolio.

In September, the average mNAV among public treasury firms was 2.8, a decline from April’s 3.76, as noted in the K33 report.

Lunde remarked that the distribution of values is skewed: smaller firms are increasingly finding themselves in discount territory, while capital leaders still enjoy considerable premiums.

Strategy accounts for about 64% of all companies with Bitcoin treasuries, holding a balance of 638,985 BTC at the time of writing. However, even the ‘leader’ shows discouraging trends.

According to K33, the stock premium of Michael Saylor’s organization has hit its lowest point since March 2024, now standing at 1.26.

«This significantly reduces Strategy’s ability to purchase Bitcoin and indicates a notable drop in buying demand from one of the most important consumers of supply over the past year,» the expert explained.

The report indicates that the rate of accumulation of the first cryptocurrency has also slowed. In September, crypto treasury firms were adding only 1,428 BTC per day, the weakest performance since May.

Lunde called the decline in premiums «rational,» attributing it to high consulting fees, incentives for insiders, and complex capital structures. Nonetheless, he expressed hope for firms that can leverage their Bitcoin assets in other areas of business.

Analysts suggest that spot ETFs and retail flows are becoming the main drivers of demand.

The next wave of institutional cryptocurrency adoption is occurring as well-known fintech companies begin to construct their own blockchains. This view was shared by Annabelle Huang, co-founder of Altius Labs, in an interview with Cointelegraph.

Huang has observed the convergence of cryptocurrencies with the traditional market through her experience. She started her trading career in New York and later joined Amber Group in Hong Kong as a managing partner. At Altius Labs, she has focused on building a modular execution layer that can connect directly to existing blockchains, enhancing throughput without the need for projects to overhaul their entire infrastructure.

The financial services app Robinhood recently announced plans to develop its own L2 blockchain to support tokenized stocks and real-world assets, following suit with Stripe’s plans to create Tempo—a payment-focused network developed in partnership with Paradigm.

«What we’re seeing now—and I expect this trend to continue to grow in the future—is institutional investors adopting stablecoins or even building their own blockchains for specific use cases,» the expert said.

In Huang’s opinion, such initiatives represent the next phase of institutional acceptance of blockchain technology. However, similar to many existing crypto platforms, they struggle with low throughput.

According to Nasdaq statistics, their peak rate is 581,696 orders and 1,134,640 messages per second. Huang considers these figures to be incomparable to the performance of one of the fastest networks—Solana.

She identified speed as a «bottleneck in execution» and stated that it must be resolved before blockchains built by fintech companies can handle significant institutional capital.

«The industry shouldn’t expect the emergence of new ‘Ethereum killers’ or general-purpose blockchains. Users prefer to coalesce around a few dominant platforms rather than scatter across dozens of new networks,» Annabelle Huang shared her perspective in an interview with Cointelegraph.

The specialist commented on the realm of Bitcoin treasuries, considering the transitions to crypto assets on the balance sheet risky, especially for retail investors, since not all corporate Bitcoin strategies are structured the same way. By comparing spikes in stock prices to token launches, Huang believes that demand for proxy assets like ETFs and treasury strategies will continue to exist.

The expert also noted that while ETF options are available for Bitcoin and Ethereum, investors looking to access altcoins often turn to debt strategies.

As a reminder, an expert previously warned that the pursuit of high returns from holding Ethereum carries significant risks for companies.