On September 18, COINOTAG cited K33 Research data showing that roughly 25% of publicly traded companies with a Bitcoin treasury have a market capitalization lower than the value of their held Bitcoin.
This discrepancy highlights a tangible valuation gap between market capitalization and Bitcoin net asset value (NAV), which can arise from corporate liabilities, operational cash requirements or the market’s pricing of non‑crypto business segments.
Investors evaluating publicly traded Bitcoin reserve companies should prioritize thorough review of balance sheets, audited disclosures and on‑chain evidence of reserves; transparent accounting and clear liability reporting are key to reconciling market capitalization with underlying crypto holdings.