The Net Asset Values in Digital Asset Treasuries are down, but it’s not all bad, says 10x Research.
“The age of financial magic is ending for Bitcoin treasury companies,” Research 10x analysts have been able to determine the following: report Shared with Cointelegraph Friday.
“They conjured billions in paper wealth by issuing shares far above their real Bitcoin value — until the illusion vanished,” They continued.
This is what you should do. “magic trick,” Bitcoin was essentially the result of DATs, which transferred money from investors who paid too much for shares.BTC( for the company. According to them, shareholders have lost billions of dollars while the executives have accumulated actual BTC.
Metaplanet was used by the researchers to analyze data. fourth-largest Bitcoin Treasury Firm, for example. The company transformed an $8 billion market capitalization, supported by only $1 billion of Bitcoin, into $3.1 billion worth of market capitalization, backed by BTC totaling $3.3 billion.
Similar situation to Strategy
Retail investors bought shares at a price that was two to seven-times the real Bitcoin value during the hype. Now, those premiums are no longer there and most shareholders have lost their money. Companies converted the inflated capital back into Bitcoin.
Related: Bitcoin and DATs primed for explosive 2026: LONGITUDE
Michael Saylor’s Strategy had a similar experience “boom-and-bust cycle in its net asset value,” This has led to a decline in Bitcoin purchasesThey noted.
“With NAVs now having fully round-tripped, retail investors have lost billions—and many likely lack the conviction to keep adding to their positions.”
Bitcoin Asset Managers: A New Category
NAV has become a more accessible investment for investors. The companies that are now trading near or below NAV provide pure Bitcoin exposure, with the possibility of future alpha generation as well as upside potential from any trading profit.
Shakeouts have also separated marketing machines from real operators. Firms that make it through this phase will have been tested, are well capitalized, and can generate consistent returns. They’ll be a brand new class of Bitcoin asset managers.
DATs Now adapt “define the next bull market,” The researchers concluded by saying:
“Bitcoin itself will continue to evolve, and Digital Asset Treasury firms with strong capital bases and trading-savvy management teams may still generate meaningful alpha.”
Strategy, Metaplanet stock sinks
The strategy stock (MSTR), which ended Friday’s trading at $289.87, gained 2%. The stock has dropped 39% in price since the November 2024 high of $473.83. according Google Finance
Metaplanet (MTPLF), a stock listed on the Tokyo Stock Exchange, lost 6.5% yesterday. The shares fell to 402 yen (2.67 dollars) and are now down by 2.5%. tanked Since mid-June, when they peaked at 1,895 yen (12.58 dollars), 79% of their value has fallen.
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Source: cointelegraph.com
