10x Research Says Crypto Treasury Firms Trading Below NAV May Offer Opportunity

Companies holding reserves of cryptocurrencies such as Bitcoin and Ether are trading at market capitalizations below their net asset value, potentially creating an investment opportunity, 10x Research said.

In a report posted on X on May 27, 10x Research said it had previously warned that NAV premiums for Bitcoin and Ether treasury companies could turn negative, and that many investors ultimately suffered heavy losses. Still, the firm said the current valuation gap could present a new opportunity for some investors.

The report cited December 2022, when Grayscale Bitcoin Trust traded at a 47% discount to NAV. At the time, GBTC investors were effectively able to gain indirect exposure to Bitcoin at less than $10,000 per coin.

That investment thesis rested on a single assumption: that the discount would disappear once GBTC was converted into an exchange-traded fund. As expectations for ETF approval grew, the discount later narrowed quickly.

10x Research also said the market had viewed traditional finance-based crypto products as leveraged ways to invest in the underlying assets, when their actual structure was closer to an option. As volatility rises, intrinsic value increases; when volatility falls, the premium contracts quickly.

In August 2025, 10x Research raised the possibility that NAV premiums for Bitcoin and Ether treasury companies could turn negative. It now says some companies are trading below their net asset value. The current price dislocation could be a new opportunity, the firm said, adding that a single announcement could potentially double returns.