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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 热门新闻 备忘录启动板 人工智能代理 德西 TopChainExplorer 给 Newbee 100 倍金币 蜜蜂游戏 重要网站 必备应用程序 加密货币名人 德平 新手必备 陷阱探测器 基本工具 高级网站 交流 NFT 工具 你好、, 签出 Web3 宇宙 游戏 DApp 蜂巢 成长平台 生态 搜索 英语 充值金币 登录 下载 Web3 大学 游戏 DApp 蜂巢 生态 家•分析•正文 BitMEX Alpha: Buy the coins, the premium on coin-to-equity is disappearingRecommended Articles分析6 年前更新怀亚特 24,4421 24 In past 加密 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.

何时 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.

现在， 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.

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