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,” The DATs effectively transferred the wealth of retail investors that overpaid for their shares to actual Bitcoin.BTC( for the company. According to them, shareholders have lost billions of dollars while the executives have accumulated actual BTC.
Researchers used Metaplanet to study the data. fourth-largest Bitcoin treasury company, as an illustration, has effectively converted a $8 billion market cap supported by $1 billion Bitcoin holdings into a $3 billion market cap supported by $3.3 BTC.
Similar situation to Strategy
Retail investors purchased these shares in the midst of the Bitcoin hype at prices that were two to seven time the real 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,” Which has caused a slowdown. 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
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. These firms will be well-capitalised, battle-tested and able to produce consistent returns. This new category of Bitcoin Asset Managers is the result.
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
MSTR, the strategy stock, ended trading Friday at $289.87. It has however fallen by 39% from its closing price at $473.83, which was in November 2024. 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
