A quarter of all public companies holding Bitcoin now trade at market values below the worth of their BTC holdings, according to a new report from K33 Research. Key Takeaways: One in four public Bitcoin treasury firms now trade below the value of their BTC holdings, signaling weakening market confidence. K33 warns that trading below NAV limits capital raising, with dilution risks hurting smaller firms like NAKA and others. BTC accumulation is slowing, while spot ETFs and retail flows are emerging as ...