Svmuu reported that 10x Research posted an analysis on X platform, stating that as Bitcoin's 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 appear.
Historically, Grayscale's GBTC once saw a 47% discount in December 2022, when investors could almost buy Bitcoin through the product at an implied price of less than $10,000. The market had mistakenly viewed traditional financial crypto-asset packaged products as "Bitcoin leverage tools," but these structures are actually more akin to option products: implied value expands when volatility rises, and valuations are compressed when volatility declines.
However, 10x Research added that the current market mismatch could also open up new arbitrage opportunities for management teams with capital operation capabilities.