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BitMEX Alpha: Buy the coins, the premium on coin-to-equity is disappearingRecommended Articles | Bee Network

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BitMEX Alpha: Buy the coins, the premium on coin-to-equity is disappearingRecommended Articles | Bee Network Login 인기 뉴스 밈 런치패드 AI 에이전트 DeSci 탑체인 익스플로러 뉴비의 경우 100x 코인 꿀벌 게임 필수 웹사이트 필수 앱 암호화폐 유명인 드핀 루키 에센셜 함정 탐지기 기본 도구 고급 웹사이트 교환 NFT 도구 안녕, 로그아웃 웹3 유니버스 계략 DApp 꿀벌 하이브 성장하는 플랫폼 기원 후 찾다 영어 코인 충전 로그인 다운로드 웹3 유니 계략 DApp 꿀벌 하이브 기원 후 집•분석•본문 BitMEX Alpha: Buy the coins, the premium on coin-to-equity is disappearingRecommended Articles분석6개월 전업데이트와이엇 24,2761 22 In past 암호화폐 cycles, market sentiment was often driven by fear of disappearing (FOMO) and influencer influence (KOL) influence. This time, however, the protagonists have changed: Digital Asset Treasury (DAT) stocks . These companies are continuously raising funds and making large-scale purchases, locking up a steady stream of leading assets such as Bitcoin, Ethereum, Solana, and BNB. The surge in trading volume has also made them the focus of the market.

This raises the question: Are DAT shares truly a better solution for gaining long exposure to cryptocurrencies, or would it be more cost-effective for investors to simply buy the underlying assets themselves?

This article examines DAT stocks around Bitcoin, Ethereum, Solana, and BNB. Our view is that the era of DAT stocks consistently outperforming their underlying assets may be over.

When MicroStrategy ($MSTR) pioneered this model, the market had virtually no competition. But today, DAT stocks have virtually no barriers to entry and are experiencing overexpansion, with everyone vying for the same assets. This crowded competition has eroded the scarcity premium, and demand has significantly declined compared to the early days of $MSTR.

The evidence is clear. Even the most well-known cryptocurrencies , $BMNR and $SBET , have failed to outperform $ETH over the past month. A more extreme example is that while BNB has reached a new all-time high, related cryptocurrencies like $WINT have continued to decline.

When multiple DAT stocks compete to accumulate the treasury of the same cryptocurrency, aggressive issuance and competition can erode its investment logic. In this case, if you are bullish on a particular asset, it is often a better choice to buy the cryptocurrency itself, rather than the stock shell.

Case Analysis Bitcoin – MicroStrategy ($MSTR)

Since 2024, $MSTR has outperformed $BTC by over 250%.

But in the past month, $MSTR has underperformed Bitcoin by 17%. MSTR was once synonymous with cryptocurrency stocks. Thanks to its continuous purchases of Bitcoin and the additional leverage provided by the mNAV premium, it once became a myth that it outperformed BTC.

However, as more DATs emerge and investors shift their interest toward direct token holding, their mNAV premium has fallen to 1.6x , nearing a historical low. Even the most established players are finding it difficult to maintain their former advantages.

Ethereum – SharpLink ($SBET) vs BitMine Immersion ($BMNR)
In the past month, ETH outperformed the two by more than 40%. The Ethereum DAT war is currently one of the most intense in the market. SharpLink (SBET) and BitMine Immersion (BMNR) have both publicly declared their ambition to become the world’s largest ETH treasury. Their strategies are nearly identical:

1. Raise as much capital as possible through ATM follow-on offerings and private placements ;

2. Then invest the funds directly into purchasing ETH.

This model isn’t necessarily beneficial to shareholders, but rather to ETH holders. As long as mNAV is above 1.0, both companies have an incentive to continue issuing new shares to buy ETH, but this will also continue to dilute the interests of existing shareholders.

현재, the mNAV of SBET is close to 1, and its flexibility is limited; BMNR is still actively issuing and buying shares. At the same time, ETH itself is the biggest beneficiary: it has received continuous and huge buying support. For investors, this raises a question: when multiple companies are buying ETH in large quantities almost every day, who is the most direct winner? The answer is ETH itself.

BNB – The logic of failure in a crowded market Performance in the last month: $BNB hit a new all-time high, but $WINT and $NA are still falling. Note: BNC announced PIPE financing on July 28, but its stock price still underperformed $BNB after the initial rise. BNB’s DAT shares are more dispersed, with at least three large players, each of which manages or plans to manage a treasury of over $300 million. As a result, no one player can monopolize the scarcity premium, and investment demand is dispersed among multiple stock shells.

Key participants include:

Windtree Therapeutics (WINT) – Plans to raise $200–700 million to purchase BNB. CEA Industries / BNB Network Company (BNC) – Reorganized into the “world’s largest public BNB treasury”, has secured $500 million in PIPE + $750 million in warrants , and continues to acquire BNB through ATM offerings. Nano Labs (NA) – a Hong Kong-based chipmaker, is targeting a $1 billion BNB acquisition, financed by $500 million in interest-free convertible bonds. But the results were less than ideal: while BNB reached new highs, $WINT and $NA plummeted. In this crowded market, every DAT must continually issue equity or debt to expand its treasury, but this lacks the scarcity premium enjoyed by early Bitcoin DATs. For traders bullish on BNB , directly buying and staking BNB is a more streamlined approach.

Solana – Upexi (UPXI), a Few Winners Over the past month, UPXI has outperformed SOL by 34%. Upexi (UPXI) and Solana present a rare case where a DAT stock has actually outperformed its underlying asset. UPXI’s mNAV premium is as high as 2.1x, meaning its market capitalization is more than double the value of its Solana holdings.

We believe that UPXI maintains a high premium for the following reasons:

It has yet to encounter a competitor with a similar funding scale; It has been almost a month since I purchased SOL through ATM financing; Arthur Hayes was recently hired as a consultant to further enhance market focus. This explains UPXI’s high premium, but we do not believe its advantage can be maintained in the long term. Since there is no barrier to entry for coin stocks, new competitors may flood in at any time, and the premium advantage may disappear quickly.

Conclusion: Crypto assets themselves are the “king” DAT stock has indeed seen a renewed wave of buying, but current cases are showing that this model has clear limitations.

Ethereum and BNB track: The competition among multiple cryptocurrency stocks has evolved into an arms race of financing and additional issuance, and the ultimate beneficiaries are still the underlying assets. Bitcoin track: MSTR’s once high premium has now been compressed to near its historical low, and it has underperformed BTC in the past month. Solana Track: UPXI is currently the exception, but the advantage may be fleeting. For traders, the conclusion is simple: if you’re bullish on a particular cryptocurrency and the DAT market for that asset is already crowded, then buying the underlying asset directly is the cleanest and most reliable way to invest. Crypto-to-equity stocks may still offer short-term opportunities amidst price fluctuations, but in the long run, the underlying asset remains king.

이 글은 인터넷에서 퍼왔습니다: BitMEX Alpha: Buy the coins, the premium on coin-to-equity is disappearingRecommended Articles

Related: Trump’s “Presidential Economics” earns $3.4 billion without any effortRecommended Articles Original translation: Luffy, Foresight News In January 2017, President-elect Donald Trump, at a press conference, directly addressed public scrutiny for the first time regarding conflicts of interest between his business empire and his public office. His company, the Trump Organization, profits from luxury apartments, hotel rentals, development projects, and club memberships around the world. He also partners with various businesses to place his name on various merchandise for licensing fees. Can he be trusted to prioritize the public interest over his own? How can he assure Americans that funds flowing into his businesses won’t become disguised bribes? When asked whether he would release his tax returns, as previous presidents have done, he flatly refused, referring to the presidency’s exemption from conflict-of-interest regulations as a “no-conflict-of-interest clause,” as if it were…

# 분석# 비트코인# 암호# 이더리움# 마켓# 토큰© 版权声명배열 上一篇 How does Cap build a self-sustaining stablecoin? (Interactive tutorial included)Recommended Articles 下一篇 BNB reserve company WINT delists, "hoarding" strategy fails to cure all illsRecommended Articles 상关文章 24H Hot Cryptocurrencies and Key News | US Treasury Secretary Besant: Crypto Market Structure Bill Needs to Pass This Spring; EU Plans Comprehensive Ban on Cryptocurrency Transactions with Russia (February 11) 6086cf14eb90bc67ca4fc62b 7,315 2 Trump’s “Presidential Economics” earns $3.4 billion without any effortRecommended Articles 6086cf14eb90bc67ca4fc62b 25,298 2 Cryptocurrency and Stock Weekly Report | Global listed companies net sold $53.72 million worth of BTC last week; 6086cf14eb90bc67ca4fc62b 16,451 1 AI Agent Weekly Report | Cookie DAO: Sapien Snaps Completed; VADER Drops Over 50% Weekly (August 18-24)Recommended Artic 6086cf14eb90bc67ca4fc62b 23,548 1 Only when the tide recedes can we see the future. 6086cf14eb90bc67ca4fc62b 13,767 1 Metaplanet, Tax-Free Bitcoin for Japanese 6086cf14eb90bc67ca4fc62b 26,031 5 댓글 1 개 댓글을 남기시려면 로그인이 필요합니다! 즉시 로그인 #BeelieverKPN6HLL 손님 좋아요

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