Криптоказначейства сталкиваются с падением, в то время как прорастает институциональное внедрение блокчейнов Translation: Headline: Crypto Treasuries Face Decline as Institutional Blockchain Adoption Grows

According to the September report by K33, there has been a notable decline in the value of publicly traded companies holding Bitcoin on their balance sheets. One in four organizations is now trading with a market capitalization that falls below the value of their digital assets.

As noted by K33’s head of research, Vetle Lunde, the gap between mNAV and the value of BTC means that companies are effectively surrendering more ownership than they receive in return.

Issuing new shares at a discount leads to dilution of capital, which constrains certain corporate buyers’ ability to raise new funds.

The crypto company Nakamoto, formed from the merger of KindlyMD and Nakamoto Holdings, has suffered a drastic drop in stock value. NAKA lost over 95% of its market capitalization from its peak, with its mNAV plunging from 75 to 0.7.

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

On September 16, GD Culture Group, a streaming and e-commerce firm, experienced a drop in stock value. Following the announcement of its acquisition of 7,500 Bitcoins from Pallas Capital Holding for $875 million, their stock price fell by 28%. At the time of writing, GDC is showing signs of recovery.

The company has shifted its focus towards building a diversified cryptocurrency asset reserve; however, investors reacted cautiously to the news. The decline in stock prices reflected concerns over substantial dilution of equity and risks associated with a speculative crypto portfolio.

In September, the average mNAV among public treasury firms stood at 2.8, down from the April figure of 3.76, as reported by K33.

Lunde pointed out that the distribution of values is skewed: smaller firms increasingly find themselves in a discount zone, while capital leaders still enjoy significant premiums.

Strategy comprises about 64% of all companies with Bitcoin treasuries, holding a balance of 638,985 BTC at the time of writing. However, the «first mover» is also facing 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 decline in buying demand from one of the most crucial consumers of supply over the past year,» explained the expert.

The report indicates that the pace of accumulation of the first cryptocurrency has also slowed. In September, crypto treasury firms added just 1,428 BTC daily, marking the weakest performance since May.

The head of research at K33 described the decline in premiums as «rational.» He attributed this effect to high advisory fees, insider incentives, and complex capital structures, while expressing hope for firms that can leverage their Bitcoin assets in other business areas.

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

The next wave of institutional cryptocurrency adoption is occurring as well-known fintech companies start building their own blockchains. This view was shared by Annabelle Huang, co-founder of Altius Labs, in her comments to Cointelegraph.

Huang has observed the convergence of cryptocurrencies with traditional markets in her career. She began as a trader in New York before joining Amber Group in Hong Kong as a managing partner. At Altius Labs, she focused on creating a modular execution layer intended to connect directly to existing blockchains, improving throughput without requiring projects to overhaul their entire infrastructure.

The financial services app Robinhood recently announced the development of its own L2 blockchain to support tokenized stocks and real-world assets, while Stripe followed suit with plans to create Tempo—a payment-focused network developed in collaboration with Paradigm.

«What we’re seeing now—and I expect it to increase even more in the future—is a trend of institutional investors adopting stablecoins or even building their own blockchains for specific use cases,» the expert remarked.

According to Huang, such initiatives represent the next stage of institutional acceptance of blockchain technology. Their weak point, similar to many existing crypto platforms, is low throughput.

Data from Nasdaq indicates peak rates of 581,696 orders and 1,134,640 messages per second for these platforms. Huang believes these figures are incomparable to one of the fastest networks—Solana.

She labeled speed as a «bottleneck in execution» and stated that it needs to be addressed before blockchains built by fintech companies can handle the weight of institutional capital.

«The industry should not anticipate the emergence of new ‘Ethereum killers’ or generalized blockchains. Users prefer to cluster around a few dominant platforms rather than scatter to dozens of new networks,» Huang expressed her opinion in an interview with Cointelegraph.

The expert commented on the realm of Bitcoin treasuries, deeming transitions to cryptocurrency on balance sheets as risky, particularly for retail investors, due to the varying structures of corporate Bitcoin strategies. Comparing spikes in stock prices to token launches, Huang believes that the demand for proxy assets like ETFs and treasury strategies will persist.

She also added that while ETF options exist for Bitcoin and Ethereum, investors seeking access to altcoins often turn to debt strategies.

It’s worth mentioning that an expert warned that the pursuit of high yields from holding Ethereum carries serious risks for companies.