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,” Continued.
Here’s what I found “magic trick,” Bitcoin was essentially the result of DATs, which transferred money from investors who paid too much for shares.BTCIt is a good investment for your company. According to them, shareholders have lost billions of dollars while the executives are accumulating BTC.
Researchers used Metaplanet to study the data. fourth-largest Bitcoin Treasury Firm, for example. The company transformed an $8 billion market cap, with only $1 billion of Bitcoins held, into $3.1 billion worth of market cap, with $3.3 billion BTC.
Situations that are similar to Strategy
Retail investors purchased these shares in the hype at up to 7 times their actual Bitcoin value. These premiums are gone, leaving many investors in the red while businesses convert that inflated capital to real Bitcoin.
Related: Bitcoin and DATs primed for explosive 2026: LONGITUDE
Michael Saylor’s Strategy also experienced similar results “boom-and-bust cycle in its net asset value,” This has led to a decline in Bitcoin purchasesAs they pointed out,
“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 now fall into a new category
This has opened up a unique entry point to smart investors. Now that companies are trading below NAV, they offer pure Bitcoin exposure. They also have the option to participate in future alpha production and gain from trading profits.
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 a consistent return. They’ll be a brand new class of Bitcoin asset managers.
DATs Adapt now is the adaptable “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%. It has however fallen by 39% from its closing price at $473.83, which was in November 2024. according Google Finance
Metaplanet’s (MTPLF ) shares dropped 6.5% to 402yen yesterday, a drop of $2.67. tanked The price of yen has dropped 79% from its mid-June high, which was 1,895 ($12.58).
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Source: cointelegraph.com
