Net Asset Values (NAVs) in digital asset treasuries (DATs) have plummeted, presenting an opportunity for investors, says 10x Research. Retail investors paid inflated premiums for shares, now suffering losses as companies converted capital into real Bitcoin. Strategy and Metaplanet experienced similar boom-and-bust cycles in net asset value, impacting their stock prices.

The collapse in NAVs has created a buying opportunity for savvy investors. Companies trading at or below NAV provide pure Bitcoin exposure with potential for future alpha generation. This shakeout is separating real operators from marketing machines, establishing a new category of Bitcoin asset managers. DATs that adapt now will define the next bull market, according to researchers.

Strategy stock (MSTR) rose 2% to $289.87 but has fallen 39% since its all-time high. Metaplanet shares (MTPLF) dropped 6.5% to 402 yen ($2.67) and have tanked 79% since mid-June. The collapse in NAVs and subsequent stock price drops highlight the challenges facing Bitcoin treasury firms.

Read more at Cointelegraph: Bitcoin Treasury NAV Collapse Creates Investor Opportunity