According to TechFlow TechFlow, on May 26, 10x Research published an analysis on the X platform pointing out that as Bitcoin volatility continues to decline, the NAV premium of most Bitcoin treasury companies has been significantly compressed, and some have even turned into a large discount, and related investors have begun to suffer losses.
Historically, Grayscale's GBTC once traded at a 47% discount in December 2022, allowing investors to buy Bitcoin at an implied price of less than $10,000. The market has mistakenly viewed traditional financial crypto asset packages as "Bitcoin leverage tools," but these structures are actually more akin to options: implied value expands when volatility rises, while valuation is compressed when volatility falls.
However, the current market mismatch may also create new arbitrage opportunities for some management teams with capital operation capabilities.
