According to the source, K33 Research reports that about one in four public companies holding BTC are trading at market capitalizations below the market value of their on-balance-sheet BTC, indicating discounts to BTC net asset value (source: K33 Research). K33 interprets this pricing gap as evidence of fading corporate demand for Bitcoin, a trading-relevant signal for bitcoin-treasury equities versus spot BTC performance (source: K33 Research).