According to 10X Research, retail investors lost approximately $17 billion on the stocks of companies that hold Bitcoin in their treasuries. Key examples of such companies include Metaplanet and Strategy, which actively purchased Bitcoin by raising funds through the issuance of their own shares at inflated premiums to net asset value (NAV).
This is reported by Business • Media
Key Reasons for Investor Losses
Analysts note that these companies sold shares at prices significantly above the actual value of their crypto assets. This allowed them to attract substantial capital for purchasing Bitcoin. However, when market conditions changed and stock prices fell, investors faced significant financial losses. In particular, new shareholders overpaid for Bitcoin exposure by about $20 billion.
“Retail investors effectively lost around $17 billion, while new shareholders overpaid for Bitcoin exposure by approximately $20 billion,” the report states.
Experts are convinced that the period of so-called “financial magic” for Bitcoin treasury companies has ended. Now, such structures need to reassess their business models, moving away from the old scheme of quick enrichment based on inflated NAV.
Metaplanet and Strategy: Examples of Market Overvaluation
Metaplanet serves as a striking example: its market capitalization grew from $1 billion to $8 billion due to the sale of shares at high premiums and subsequent Bitcoin purchases. However, after the market crash, the company’s capitalization decreased to $3.1 billion, while the amount of Bitcoin on its balance sheet reached $3.3 billion. The mNAV of this company dropped to 0.99, indicating that the shares were overvalued relative to their actual worth.
As for Strategy, its shares previously traded at premiums three to four times the value of Bitcoin reserves. This figure has now reduced to 1.4, bringing the share price closer to the net value of the cryptocurrency on the company’s balance sheet.
“In this process, shareholders lost $4.9 billion in market value, while the company managed to accumulate $2.3 billion in Bitcoin — an achievement worth noting,” the report’s authors pointed out.
Analysts believe that to ensure continued profitability, Bitcoin treasury companies should shift from a capital-raising model based on inflated NAV to an asset management approach based on arbitrage. This strategy, they argue, while limiting growth potential, will allow for annual profitability of around 15–20%.
It is worth noting that on the night of October 10 to 11, 2025, a record wave of liquidations of futures positions totaling over $19 billion was recorded in the cryptocurrency market.