Companies are restricted from buying Bitcoin due to falling stock prices.
Date: 2025-09-18 Author: Gabriel Deangelo Categories: BUSINESS
According to experts, approximately a quarter of public companies with Bitcoin on their balance sheets face restrictions when raising capital through new share issuances. The main problem is shareholder dilution, which negatively impacts investor returns and reduces the appeal of such initiatives.
The most notable decline occurred in the shares of KindlyMD and Nakamoto, merged under the leadership of David Bailey (ticker symbol NAKA). Their market capitalization fell by 96%, and their mNAV (measured value of Bitcoin), which measures the ratio of a company's market value to the price of its cryptocurrency assets, plummeted from 75 to 0.7.
A similar situation is observed at Twenty One, a company associated with the issuer of the stablecoin Tether. Here, the mNAV also fell below 1. Even the largest corporate Bitcoin holder, Strategy, recorded a decline in mNAV to 1.26—the lowest since March 2024.
Overall, the average mNAV for the sector has fallen significantly: from 3.76 in April, it had fallen to 2.8 by early September. Analysts believe that retail traders, rather than large corporations, will now determine Bitcoin's market dynamics.
The researchers paid special attention to CryptoQuant data. Their observations show that the Spent Output Profit Ratio (SOPR), which reflects the profitability of short-term Bitcoin holders, has declined again. This occurred despite the cryptocurrency's price recovery, indicating weak short-term investor confidence.
Thus, corporate demand for Bitcoin has significantly declined, and the market is increasingly dependent on the actions of private investors.
