The bitcoin treasury boom is slowing down, with one in four public BTC treasury companies trading at market caps below the value of their holdings. According to K33, 25% of these firms now have lower premiums, reducing their ability to buy more bitcoin. This trend is causing corporate bitcoin acquisitions to fade, and overall flows are decreasing. The report also notes that funding rates remain above average, indicating a lingering long bias across leveraged players.
However, the market appears to be reverting to organic demand impulses, with public treasury holdings surpassing 1 million BTC. The CME bitcoin futures have returned to trading at modest premiums over offshore perpetuals, reversing discounts seen during recent market tops. While this is a healthier equilibrium, it’s essential for investors and analysts to monitor funding rates and the potential for a sharp squeeze of over-crowded longs.
The article highlights that smaller firms are increasingly below water, while larger players still carry meaningful premiums. The report also notes that treasury firms acting as pure-play accumulation vehicles should not trade at a premium due to higher cost burdens.
Source: https://www.theblock.co/post/371021/quarter-of-public-bitcoin-treasury-companies-trade-below-btc-holdings