14 October 2026
September 2026, the PNKSTR premium nearly doubled while the floor rose 3%
The PNKSTR premium ended September at 4.24x, up from 2.24x on 31 August, while the CryptoPunks floor rose only 3.1% over the same month. Almost all of the move came from the token, not from the punks it holds.
The month in numbers
| 31 August | 30 September | Change | |
|---|---|---|---|
| CryptoPunks floor | 31.99 ETH | 32.99 ETH | +3.1% |
| PNKSTR premium | 2.24x | 4.24x | +89% |
| PNKSTR market cap | $6.79M | $14.05M | +107% |
| Treasury value | $3.03M | $3.31M | +9.3% |
| Punks held | 39 | 37 | -2 |
| Unallocated ETH | 6.68 | 16.57 | +9.89 |
| ETH price | $2,416 | $2,677 | +10.8% |
The premium is the PNKSTR market cap divided by the treasury's value: the punks it holds at the floor, plus its unallocated ETH.
The floor: a low, then a high
The floor fell through the first half of the month to 29.38 ETH on 16 September, its lowest close since 23 April 2026. It then climbed to 34.00 ETH on 23 September, its highest close since 12 November 2025. That is a 15.7% rise in a week. It ended the month at 32.99 ETH.
Open asks on the contract went from 1,154 on 31 August to 1,144 on 30 September. The count peaked at 1,171 on 8 September and fell to 1,140 on 24 September, as the floor rose.
The premium: a record low, then out of its band on the other side
On 12 September the premium closed at 2.14x. That is the lowest reading in our series, which starts on 15 September 2025.
At the start of the month the premium also sat below its 90-day band. On 1 September it was 2.24 standard deviations under its 90-day average, measured on a log scale as on /premium. On 25 September it was 2.44 standard deviations above it, at 4.73x. It peaked at 4.79x on 26 September, the highest close since 23 May 2026, and ended the month at 4.24x, 1.69 standard deviations above its average of 2.96x.
The treasury's value rose 9.3% in dollars. Measured in ETH it went from 1,254.3 to 1,237.4. So the treasury did not drive the premium. The market cap did: it rose 107%, from $6.79M to $14.05M. The token price rose 116%. Circulating supply fell by 38.8 million tokens, or 4.3%, from 907.1 million to 868.3 million.
Treasury trades
The treasury sold three punks and bought one in September:
- 1 September: sold Punk #3498
- 15 September: sold Punk #6096
- 20 September: sold Punk #4798
- 22 September: bought Punk #8505
It went from 39 punks to 37. Unallocated ETH rose to 28.28 on 21 September, dropped to 1.21 on the day of the buy, and rebuilt to 16.57 by the month's end.
What this does and does not say
The premium is a ratio, so it moves when either side moves. In September the token side moved and the asset side barely did. A premium of 4.24x means PNKSTR's market cap was 4.24 times the treasury's value on that day. It does not say what either should be worth, and the 90-day band only describes how unusual a reading is against the recent past.
All figures are daily closes from our public data and can be recomputed from it.
- Premium chart with the 90-day bands: punkprice.com/premium
- Floor chart and downloads: punkprice.com/data