[10x Research: NAV Premiums of Most Bitcoin Treasury Companies Have Significantly Compressed, Potentially Entering a Negative Premium Era] Odaily Planet Daily reports that 10x Research posted an analysis on the X platform, pointing out that as Bitcoin volatility continues to decline, the NAV premiums of most Bitcoin treasury companies have significantly compressed, with some even turning into substantial discounts, and related investor losses have begun to surface. Historically, Grayscale's GBTC once experienced a 47% discount in December 2022, during which investors could effectively purchase Bitcoin through the product at an implied price below $10,000. The market has mistakenly regarded traditional financial crypto asset wrapper products as "Bitcoin leverage tools," but these structures are actually more akin to options products: implied value expands when volatility rises, while valuations compress when volatility falls. However, 10x Research added that the current market mismatch could also present new arbitrage opportunities for management teams with capital operation capabilities.