10x Research argued in an October 17, 2025 report that the collapse of premiums on Bitcoin treasury shares could create selective opportunities, according to Cointelegraph’s reporting.
The firm’s public summary said treasury companies would need to demonstrate an investment case beyond selling shares at large premiums to their Bitcoin holdings.
Related reporting: Crypto Stocks IREN and NAKA Slide as Convertible Note Deals Spark Dilution Concerns
A smaller premium is only one part of valuation
A company’s shares are a claim on a business with expenses, liabilities and a capital structure. They are not interchangeable with the Bitcoin on its balance sheet.
For a simplified example, a company with $100 of assets and $30 of liabilities has $70 left before considering other claims or adjustments. Comparing its equity value with the gross $100 figure would omit an important part of the calculation.
The opportunity claim remains an opinion
A falling premium can make a stock less expensive relative to its earlier valuation without making it attractive at its new price. Dilution, debt terms, operating costs and the price of Bitcoin can all alter the outcome.
Our risk and returns guide explains why a historical drawdown is not a guaranteed entry signal.
Editor’s note: Investment opinions are separated from facts. The article no longer characterizes the decline as a guaranteed or uniquely favorable buying opportunity.