Bitcoin Treasury Crash Don Cause $17B Loss and NAV Change
One 10x Research report talk say retail investors don pay too much like $20B extra premium as Bitcoin treasury stocks rise pass net asset value (NAV), then e crash, wipe out about $17B. Companies wey be like Metaplanet and MicroStrategy see their value drop even though dem get strong BTC holdings—Metaplanet market cap drop from $8B go $3.1B compared to $3.3B Bitcoin inside, MSTR shares don fall over 20% since August after dem add 220 BTC for price wey pass $123K. The Bitcoin treasury stocks crash na mirror of bigger crypto market wahala, as BTC dey trade near $106,800, down 4% last week. The report dey warn say, as dem don lose premium, the sector must move from marketing palava to serious NAV-based trading. Managers wey sabi arbitrage fit get 15–20% yearly return by just give pure BTC exposure plus trading profit. Michael Novogratz from Galaxy Digital talk say the treasury stock boom don reach peak, him predict say next gains go favour firms wey get better capital and experienced trading teams.
Bearish
Di collapse of Bitcoin treasury stocks and di wipeout of $17B for retail investor funds show say sentiment no good and selling pressure don increase, wey fit make BTC price drop for short term. Di overpaid share premiums wey don vanish dey show market correction wey fit only settle after fundamentals-driven NAV trading gains start get momentum. But disciplined asset managers fit later support recovery, but immediate effect still bearish.