10x Research: The NAV premium of most Bitcoin treasury companies has significantly compressed, and may enter a negative premium era

10x Research 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, and related investor losses have begun to manifest.

Historically, Grayscale's GBTC once experienced a 47% discount in December 2022, at which time investors could almost buy Bitcoin through this product at an implied price of less than $10,000. The market mistakenly viewed traditional financial crypto asset packaged products as "Bitcoin leverage tools," but these structures are actually more similar to options products: when volatility rises, implied value expands, while when volatility decreases, valuations are compressed.