[10x Research: Bitcoin Treasury NAV Discount Deepens, Five Strategies May Present Doubling Opportunities] Deep Tide TechFlow reports that on May 27, 10x Research published an article pointing out that as Bitcoin volatility continues to decline, the NAV premium of Bitcoin and Ethereum treasury tools like MicroStrategy has significantly compressed and turned negative, causing substantial losses for many investors. 10x Research had issued a warning as early as last year when Bitcoin volatility began to decrease, at which time MicroStrategy's stock price was still around $400. 10x Research believes that such cryptocurrency treasury tools are essentially closer to option structures rather than leveraged assets—implied value expands during high volatility and contracts during low volatility. The current market misalignment has provided management with a new arbitrage window. Once specific strategies are implemented, funds may potentially double, but the majority of the returns are likely to be captured by management, leaving ordinary shareholders with very little.