10x Research flags major NAV losses, says treasury firms at risk
10x Research warned that investors in treasury firms like MicroStrategy and BitMine may face a Hotel California trap as deep unrealized losses deter new buyers. Strategy investors have absorbed about $20 billion in NAV losses since late 2024, while BitMine ETH holdings are down $3.7 billion. CEO Markus Thielen cited opaque fees and premium risks in DAT products.