Crypto treasuries lose steam as blockchains hit a technical ceiling
According to the September report from K33, the value of public companies with bitcoin on their balance sheets has fallen markedly. About one in four trades at a market capitalisation below the value of the digital assets they hold.
According to K33’s head of research, Vetle Lunde, the gap between mNAV and the price of BTC means companies are effectively giving away more ownership than they receive in return.
Issuing new shares at a discount dilutes equity, limiting some corporate buyers’ ability to raise…
