10x Research: The NAV premium for most Bitcoin treasury companies has compressed significantly, and they may be entering an era of negative premiums.

According to Mars Finance, 10x Research published an analysis on its X platform pointing out that as Bitcoin volatility continues to decline, the NAV premium of most Bitcoin treasury companies has been significantly compressed, with some even turning into substantial discounts, and related investors have begun to experience losses. Historically, Grayscale's GBTC once experienced a 47% discount in December 2022, at which time investors could almost buy Bitcoin at an implied price of less than $10,000 through this product. The market has mistakenly regarded traditional financial crypto asset packaging products as "Bitcoin leverage tools," but these structures are actually more similar to options products: implied value expands when volatility rises, while valuation is compressed when volatility falls.