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3h ago

Bitcoin Treasury Rout Wipes Out $17 Billion in Retail Value as Strategy Adds 168 BTC

A new 10x Research analysis ties the losses to collapsed NAV premiums, signaling a pivot toward disciplined, trading‑driven models.

The $17B Bitcoin illusion – How retail holders paid for corporate 'innovation'
Strategy acquires 168 Bitcoin for $18.8M, achieving 26% YTD yield
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Overview

  • 10x Research estimates retail investors lost about $17 billion and overpaid roughly $20 billion for Bitcoin exposure via equity premiums at treasury firms.
  • Valuation gaps that reached 40–50% above net‑Bitcoin‑per‑share have largely disappeared, with around one‑fifth of listed proxies now trading at or below NAV.
  • Strategy disclosed a purchase of 168 BTC between Oct. 13 and Oct. 19 for $18.8 million, bringing its holdings to 640,418 BTC, according to an SEC filing.
  • The buy was funded through preferred stock offerings as Strategy’s market‑to‑NAV fell near 1.3x, making new common‑equity issuance less accretive.
  • Bitcoin’s ~13% October decline amplified equity losses, with treasury stocks dropping more than the underlying asset and names like Metaplanet and Strategy underperforming since summer.