Net Asset Values (NAVs) in digital asset treasuries (DATs) have dramatically decreased, but this isn’t necessarily dire news—it’s presenting new opportunities for discerning investors, as highlighted by 10x Research.
“The era of financial illusions is coming to an end for Bitcoin treasury businesses,” the analysts from 10x Research remarked in a report released to Cointelegraph on a Friday.
“They created billions in perceived wealth by issuing shares significantly above their actual Bitcoin value—until the facade collapsed,” they stated further.
In essence, these DATs diverted wealth from retail investors who overpaid into possessing real Bitcoin (BTC) for these firms. As a result, shareholders suffered colossal losses while company executives amassed genuine BTC.
The report cited Metaplanet, the fourth-largest Bitcoin treasury firm, indicating that it transformed an $8 billion market capitalization, supported by merely $1 billion in Bitcoin holdings, into a $3.1 billion valuation backed by $3.3 billion in BTC.
Similar Patterns in Other Strategies
Retail investors overpaid two to seven times for these shares during the preceding market frenzy. Now that those premiums have diminished, numerous shareholders find themselves in a loss position, while firms have converted that inflated investment into actual Bitcoin.
Related: Bitcoin and DATs primed for explosive 2026: LONGITUDE
Saylor’s Strategy has also witnessed a similar pattern of upheaval in its net asset value, leading to a cessation of Bitcoin acquisitions.
“With NAVs now having completely retraced, retail investors have incurred losses in the billions—and many likely lack the confidence to continue investing further,” the report asserted.
Emergence of a New Breed of Bitcoin Asset Managers
This NAV adjustment signifies a unique moment for wise investors. Companies trading at or below NAV present prime Bitcoin exposure coupled with the potential for future gains derived from any trading profits.
The recent shakeout has clearly delineated genuine operators from purely promotional ventures. The surviving firms post-transition will be seasoned, well-financed, and able to deliver reliable returns, thus establishing a new cohort of Bitcoin asset managers.
Those DATs adapting now will “shape the next upward market trend,” according to the research conclusions, which emphasize:
“Bitcoin will persist in evolving, and Digital Asset Treasury firms with robust capital and astute management may still yield considerable profits.”
Current Status of Strategy and Metaplanet Shares
Strategy stock (MSTR) saw a 2% increase on Friday, closing at $289.87. However, it has experienced a 39% drop since reaching its peak price of $473.83 in November 2024, according to Google Finance.
Metaplanet shares (MTPLF) fell by 6.5% on the Tokyo Stock Exchange recently, settling at 402 yen ($2.67) and have plummeted by 79% since their June highs of 1,895 yen ($12.58).
Metaplanet stock’s rise and fall. Source: 10x Research
Source: 10x Research
*Magazine: Binance shakes up Korea, Morgan Stanley’s security tokens in Japan: Asia Express *
