10x Research Says Crypto Treasury Companies Trade Below NAV, Creating Investment Opportunity

Companies holding reserves of cryptocurrencies such as Bitcoin and Ether are trading at market capitalizations below their net asset value, a gap that could present an investment opportunity, according to 10x Research.

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

The report pointed to December 2022, when the Grayscale Bitcoin Trust, or GBTC, traded at a 47% discount to NAV. At the time, investors could gain indirect exposure to Bitcoin at less than $10,000 per coin through GBTC, it said.

That investment case rested on a single assumption: that the discount would disappear if GBTC was eventually converted into an exchange-traded fund. The discount later narrowed quickly as expectations for ETF approval grew.

10x Research also said the market had treated traditional finance-based crypto products like leveraged bets on the underlying assets, even though their structure more closely resembles options. As volatility rises, intrinsic value increases. When volatility falls, premiums can contract 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 net asset value. The current price dislocation could present a new opportunity, and a single announcement could potentially double returns, according to the report.