A recent 10X Research report estimated that retail investors lost about $17 billion.
The losses reflect a broader decline in investor enthusiasm for digital asset treasury companies ( DATCO ). Companies like MicroStrategy and Metaplanet have seen their shares slide along with the recent decline in the price of Bitcoin.
According to the report, many investors have 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 purchase more BTC.
10x Research noted that the strategy worked well when the price of Bitcoin rose, as stock valuations often outpaced asset gains. But as market sentiment cooled and Bitcoin’s momentum faded, those premiums collapsed.
As a result, investors who bought into the frenzy of inflated valuations collectively lost about $17 billion. The company also estimated that new shareholders overpaid for Bitcoin exposure by around $20 billion. USD through these equity premiums.
These figures are not surprising, considering that BeInCrypto previously reported that global companies in 2025 collected more than 86 billion USD for buying cryptocurrencies.
Notably, this number exceeds the total number of US initial public offerings this year.
Despite this massive flow, however, Bitcoin-linked stocks have underperformed the broader market recently.
For context, shares of Strategy (formerly MicroStrategy) MSTR are down more than 20% since August. Tokyo-based Metaplanet also lost more than 60% of its value over the same period, according to Strategy Tracker.
At the same time, their market-to-net asset value (mGAV) ratio, which used to be a measure of investor confidence, has also deteriorated.
MicroStrategy now trades at about 1.4 times its Bitcoin holdings, while Metaplanet fell below 1.0 times for the first time since its 2024 adopted the Bitcoin treasury model.
“Those once-celebrated NAV premiums have collapsed, leaving investors empty-handed and executives walking away with gold,” 10x Research said.
Across the market, nearly a fifth of all listed Bitcoin treasury companies are reportedly trading below their net asset value.
The contrast is striking considering that Bitcoin recently hit a record high above $126,000 this month before retreating following President Donald Trump’s threats of tariffs on China.
However, Brian Brookshire, Head of Bitcoin Strategy at H100 Group AB, said mNAVs are cyclical and do not reflect long-term value. H100 Group AB is the largest bitcoin management company in the Nordic region.