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Diverging Views Shake Bitcoin Market Ahead of Potential Rebound<\/h4>\n <\/div>\n <\/a>\n<\/div>\n<\/p>\n The pullback also crushed the once-vaunted market-to-net-asset-value (mNAV) ratios of DATCOs \u2013 a metric that reflects investor confidence. MicroStrategy now trades at roughly 1.4x its Bitcoin holdings, while Metaplanet has slipped below parity for the first time since embracing its Bitcoin treasury model in 2024. Across the industry, nearly one-fifth of all listed Bitcoin treasury firms are trading below their net asset value. \nDespite Bitcoin reaching an all-time high of $126,000 earlier this month, the correction intensified after U.S. President Donald Trump\u2019s tariff threats against China triggered a wave of selling.<\/p>\n
<\/p>\n
Still, some analysts, such as Brian Brookshire of H100 Group AB, believe these declines are part of the natural cycle of Bitcoin-linked equities. He described mNAV ratios as \u201cvolatile and temporary,\u201d arguing that such corrections do not undermine the sector\u2019s long-term fundamentals.<\/p>\n
Yet 10x Research struck a more sober tone, calling the downturn \u201cthe end of financial alchemy\u201d \u2013 a point where hype and premium-fueled growth give way to earnings reality. With volatility cooling and speculative momentum fading, Bitcoin treasury firms now face a crucial test: proving they can thrive without the illusion of endless upside.<\/p>\n","protected":false},"excerpt":{"rendered":"
The recent plunge in Bitcoin\u2019s price has erased billions from investors who sought exposure through Digital Asset Treasury Companies (DATCOs) – firms that buy and hold Bitcoin as part of their balance sheet strategies.<\/p>\n","protected":false},"author":9,"featured_media":150201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"yes","_lmt_disable":"no","footnotes":""},"categories":[27],"tags":[72,234,384,108,122],"coin_category":[],"class_list":["post-176157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-donald-trump","tag-optimism","tag-price","tag-trump"],"acf":[],"yoast_head":"\n
Investors Crushed as Bitcoin Treasury Firms Collapse Under Their Own Hype<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n\t \n\t \n\t \n