Overview

• 10X Research estimates roughly $17 billion in retail losses since August as digital asset treasury equities re-priced during a sector-wide reset.
• Proxy stocks frequently traded 40%–50% above their net Bitcoin-per-share value before premiums vanished following a roughly 13% October BTC decline.
• Strategy fell nearly 35% from a recent peak while Tokyo-based Metaplanet has dropped more than 60% since summer, underscoring amplified equity losses versus Bitcoin.
• About one-fifth of listed Bitcoin treasuries now trade at or below their net asset value, with Strategy near 1.4x mNAV and Metaplanet slipping below 1.0x.
• Analysts cite a wealth transfer as companies converted overpriced equity into larger Bitcoin reserves, and they say the reset may create selective entry points and intensify scrutiny of disclosures.