K33 Research has revealed the number of Bitcoins purchased by large companies.
Public companies purchased 1,428 bitcoins per day, the world's first cryptocurrency. This is the lowest level in the last four months, according to analysts at K33 Research.
According to analysts, at least a quarter of public companies holding bitcoin on their balance sheets are limited in raising funds to purchase cryptocurrency through share issuance. The reason: issuing new shares dilutes investors' stakes and reduces their profits.
The shares of the merged company KindlyMD and Nakamoto, managed by David Bailey (ticker symbol NAKA), saw the biggest decline. The company's market capitalization plummeted by 96%. The Bitcoin-to-Availability Multiple (mNAV), which measures the ratio of a company's market capitalization to the value of its bitcoin holdings, fell from 75 to 0.7, according to analysts at K33 Research.
The mNAV of Twenty One, a company backed by Tether, the issuer of the USDT stablecoin, fell below one. The mNAV of Strategy, the largest corporate holder of Bitcoin, fell to 1.26, the lowest since March 2024.
The average mNAV among all publicly traded Bitcoin companies decreased from 3.76 in April to 2.8 in early September. Market demand for the world's first cryptocurrency will now be driven by small investors, not corporate buyers, according to K33 Research experts.
Earlier, analysts at the CryptoQuant analytical platform reported that the Spent Output Profit Ratio (SOPR) indicator for short-term Bitcoin holders had fallen again, despite the recovery in the leading cryptocurrency's price.
Source: cryptonews.net
