Bitcoin Treasury Split: Circle Up, MicroStrategy Down
The post Bitcoin Treasury Split: Circle Up, MicroStrategy Down appeared on BitcoinEthereumNews.com. Digital Asset stocks split this week as spot prices stayed flat, with sharper signals emerging from public companies holding digital assets. Research firm 10x Research said the sector is dividing between constrained incumbents and new winners. Premiums that once fueled growth have compressed, raising stress risks as liquidity shifts. Sponsored Sponsored Treasuries Down, Businesses Rebound Bitcoin’s flat performance contrasts with widening splits, which 10x Research warned could precede a more dramatic rotation. “What appears as consolidation may, in fact, be the calm before a sharp rotation.” MicroStrategy, once the most aggressive buyer of bitcoin, now faces limits. Its net asset value (NAV) multiple fell from 1.75x in June to 1.24x in September, curbing new purchases. The stock slid to $326 from $400, showing how the treasury model weakens without premium support. The skepticism is echoed outside research desks. “My best financial advice continues to be that you should just buy bitcoin if you want exposure to it and that you should stay as far away from $MSTR as possible — because it’s complicated, layered and you lose control.” The comment, from investor and podcaster Jason, underscored concerns that treasury stocks can add complexity rather than direct exposure. Metaplanet, often called “Japan’s MicroStrategy,” plunged 66% amid tax policy worries this summer. Despite trading near 1.5x NAV, volatility remains high, with retail flows keeping it unstable. Sponsored Sponsored Circle, by contrast, rebounded 19.6% since September 9 after USDC adoption expanded through a Finastra partnership. 10x Research reaffirmed a bullish stance, calling Circle more attractive than Coinbase as a liquidity beneficiary. Options Reset, Pressuring Treasury Firms Alongside these equity shifts, the derivatives market signaled calm. 10x reported that BTC implied volatility fell 6% and ETH 12% on September 12 expiries after softer producer prices and in-line CPI. Traders sold volatility aggressively, treating conditions…
The post Bitcoin Treasury Split: Circle Up, MicroStrategy Down appeared on BitcoinEthereumNews.com.
Digital Asset stocks split this week as spot prices stayed flat, with sharper signals emerging from public companies holding digital assets. Research firm 10x Research said the sector is dividing between constrained incumbents and new winners. Premiums that once fueled growth have compressed, raising stress risks as liquidity shifts. Sponsored Sponsored Treasuries Down, Businesses Rebound Bitcoin’s flat performance contrasts with widening splits, which 10x Research warned could precede a more dramatic rotation. “What appears as consolidation may, in fact, be the calm before a sharp rotation.” MicroStrategy, once the most aggressive buyer of bitcoin, now faces limits. Its net asset value (NAV) multiple fell from 1.75x in June to 1.24x in September, curbing new purchases. The stock slid to $326 from $400, showing how the treasury model weakens without premium support. The skepticism is echoed outside research desks. “My best financial advice continues to be that you should just buy bitcoin if you want exposure to it and that you should stay as far away from $MSTR as possible — because it’s complicated, layered and you lose control.” The comment, from investor and podcaster Jason, underscored concerns that treasury stocks can add complexity rather than direct exposure. Metaplanet, often called “Japan’s MicroStrategy,” plunged 66% amid tax policy worries this summer. Despite trading near 1.5x NAV, volatility remains high, with retail flows keeping it unstable. Sponsored Sponsored Circle, by contrast, rebounded 19.6% since September 9 after USDC adoption expanded through a Finastra partnership. 10x Research reaffirmed a bullish stance, calling Circle more attractive than Coinbase as a liquidity beneficiary. Options Reset, Pressuring Treasury Firms Alongside these equity shifts, the derivatives market signaled calm. 10x reported that BTC implied volatility fell 6% and ETH 12% on September 12 expiries after softer producer prices and in-line CPI. Traders sold volatility aggressively, treating conditions…
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