Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Markets>
How Bitcoin Hype Left Retail Buyers $17 Billion Poorer

How Bitcoin Hype Left Retail Buyers $17 Billion Poorer

CryptoNewsNet2025/10/18 21:15
By: beincrypto.com
BTC-0.30%AB-0.02%ZRX+0.50%

A recent 10X Research report has estimated that retail investors lost about $17 billion due to their exposure to Bitcoin treasury companies.

The losses reflect a broader decline in investor enthusiasm for Digital Asset Treasury Companies (DATCOs). Firms such as MicroStrategy and Metaplanet have seen their stocks tumble in tandem with Bitcoin’s recent price slump.

Bitcoin Treasury Firms Wiped Out $17 Billion in Retail Wealth

According to the report, many investors turned to these DATCOs to gain indirect exposure to Bitcoin. These firms typically issue shares at a premium to their underlying Bitcoin holdings, using the raised capital to buy more BTC.

10x Research noted that the strategy worked well when Bitcoin’s price rose, as stock valuations often outpaced the asset’s spot gains. However, as market sentiment cooled and Bitcoin’s momentum faded, those premiums collapsed.

As a result, investors who bought during the frenzy of inflated valuations have collectively lost about $17 billion. The firm also estimated that new shareholders overpaid for Bitcoin exposure by roughly $20 billion through these equity premiums.

These numbers are unsurprising considering BeInCrypto previously reported that global companies have raised over $86 billion in 2025 to buy cryptocurrencies.

Notably, this figure surpasses the total US initial public offerings this year.

Yet, despite this massive inflow, the performance of Bitcoin-linked equities has recently lagged behind the broader market.

For context, Strategy’s (formerly MicroStrategy) MSTR stock has fallen more than 20% since August. Tokyo-based Metaplanet, according to Strategy Tracker data, also lost over 60% of its value during the same period.

How Bitcoin Hype Left Retail Buyers $17 Billion Poorer image 0
Bitcoin vs Strategy and Metaplanet Price Performance. Source: Strategy Tracker

Bitcoin DATCOs mNAVs Decline

At the same time, their market-to-net-asset-value (mNAV) ratios, once a measure of investor confidence, have also deteriorated.

MicroStrategy now trades around 1.4x its Bitcoin holdings, while Metaplanet has slipped below 1.0x for the first time since adopting its Bitcoin treasury model in 2024.

“Those once-celebrated NAV premiums have collapsed, leaving investors holding the empty cup while executives walked away with the gold,” 10x Research stated.

How Bitcoin Hype Left Retail Buyers $17 Billion Poorer image 1
Metaplanet’s Net Asset Value (NAV). Source: 10X Research

Across the market, nearly one-fifth of all listed Bitcoin treasury firms reportedly trade below their net asset value.

The contrast is striking given that Bitcoin recently hit a record high above $126,000 this month before pulling back after President Donald Trump’s tariff threats against China.

Still, Brian Brookshire, head of Bitcoin strategy at H100 Group AB, argued that mNAV ratios are cyclical and do not reflect long-term value. H100 Group AB is the largest Bitcoin-holding firm in the Nordic region.

“Most BTCTCs trading near 1x mNAV have only arrived there within the past couple weeks. By definition, not a norm…even for MSTR, there is no such thing as a normal mNAV. It’s a volatile, cyclical phenomenon,” he said.

Nonetheless, analysts at 10X Research said the current episode marks “the end of financial alchemy” for Bitcoin treasuries, where inflated share issuance once created the illusion of limitless upside.

Considering this, the firm stated that these DATCOs will now be judged by earnings discipline rather than market euphoria.

“With volatility falling and the easy gains gone, these firms face a hard pivot from marketing-driven momentum to real market discipline. The next act won’t be about magic—it will be about who can still generate alpha when the audience stops believing,” 10X Research concluded.

The post How Bitcoin Hype Left Retail Buyers $17 Billion Poorer appeared first on BeInCrypto.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Ethereum Updates Today: Ethereum Transfers $654M—Developer Compensation or Market Volatility?

- Ethereum Foundation transfers $654M ETH to a wallet historically linked to sales, sparking speculation about developer compensation or treasury strategy. - The single-transaction transfer exceeds prior sales by 16x and bypasses decentralized exchanges, drawing criticism for transparency concerns. - Critics highlight underpayment of core developers like Péter Szilágyi, while the Foundation denies confirming the funds' purpose despite ongoing ecosystem tensions. - Market reactions remain muted (ETH at $4,3

Bitget-RWA2025/10/22 00:16
Kadena shuts down operations as token plunges 50%
Cryptobriefing2025/10/21 23:27
Centralized control spells disaster for Kadena, highlighting the contradiction within crypto's decentralization ideals

- Kadena blockchain abruptly ceased operations, causing its token KDA to plummet 47% to $0.121. - The shutdown ended a four-year journey led by ex-JP Morgan executives, halting 2025 roadmap plans for Chainweb EVM and fintech integrations. - Analysts warn centralized governance models risk token viability, as Kadena's collapse highlights crypto projects' fragility amid regulatory and funding challenges. - Despite decentralized network persistence, lack of active development underscores risks of overreliance

Bitget-RWA2025/10/21 22:08

Trending news

More
1
Ethereum Updates Today: Ethereum Transfers $654M—Developer Compensation or Market Volatility?
2
21Shares files for Injective ETF amid growing institutional interest

Crypto prices

More
Bitcoin
Bitcoin
BTC
$108,316.09
-1.82%
Ethereum
Ethereum
ETH
$3,874.26
-2.61%
Tether USDt
Tether USDt
USDT
$1
+0.01%
BNB
BNB
BNB
$1,060.87
-3.46%
XRP
XRP
XRP
$2.43
-2.48%
Solana
Solana
SOL
$185.36
-2.19%
USDC
USDC
USDC
$0.9999
-0.01%
TRON
TRON
TRX
$0.3223
+0.02%
Dogecoin
Dogecoin
DOGE
$0.1948
-2.53%
Cardano
Cardano
ADA
$0.6442
-2.66%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter