On October 18th, the latest research report shows that retail investors have lost an estimated $17 billion in the process of trying to indirectly invest in bitcoin through digital asset holding companies such as Metaplanet and Michael Thaler's Strategy. These losses are mainly due to the excessive equity premium, which allows these companies to issue shares at prices far exceeding the value of their actual cryptoassets.
Titled After the Magic: How Bitcoin Companies Must Evolve Beyond the Net Worth Illusion, the report notes that retail investors "actually lost about $17 billion, with new shareholders paying an additional $20 billion premium for their bitcoin risk exposure". The authors point to Strategy as an example, noting that the company's share price is currently only 1.4 times the value of its bitcoin holdings, a significant decrease from the previous premium of 3-4 times.
The strategy of most bitcoin-holding companies is fairly simple: issue shares at a premium above net asset value, use the spread to buy bitcoin, and so on. The researchers point out that Metaplanet's market capitalization soared to $8 billion with a $1 billion investment in bitcoin, then fell to $3.10 billion, while its bitcoin holdings were worth $3.30 billion.
10X Research: Bitcoin stock price crash has caused retail investors to lose about $17 billion
2025-10-18 01:21:59
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