10x Research: Premium on most Bitcoin treasury companies' NAV has significantly compressed, potentially entering an era of negative premiums

Odaily Odaily reports that 10x Research has published an analysis on platform X, pointing out that as Bitcoin volatility continues to decline, the NAV premiums of most Bitcoin treasury companies have significantly compressed, with some even turning into substantial discounts, leading to visible losses for related investors.

Historically, Grayscale's GBTC experienced a 47% discount in December 2022, allowing investors to buy Bitcoin at an implied price below $10,000 through the product at the time. The market had mistakenly viewed traditional finance crypto-asset packaged products as "Bitcoin leverage tools," but these structures are actually more similar to options products: implied value expands when volatility rises, while valuations are compressed when volatility falls.

However, 10x Research added that the current market mismatch could also open up new arbitrage windows for management teams with capital operation capabilities.