Undervaluation of BTC-holding firms creates new opportunity: 10X Research

Companies that strategically hold Bitcoin and Ethereum are now undervalued, with their shares trading at a discount to their net asset value (NAV), according to an analysis by 10X Research. The firm compared the situation to the Grayscale Bitcoin Trust (GBTC) in December 2022, when it traded at a 47% discount to its NAV. This effectively allowed investors to buy BTC at under $10,000 per coin, a discount that vanished after its conversion to an ETF. 10X Research explained that while investors believed such products would always trade at a premium to their underlying BTC holdings, they actually behave more like options. Their share prices rise above NAV during periods of high volatility but fall below it as volatility subsides. The research firm noted it had warned in August 2025 that these companies' stock prices could fall below the value of their actual assets, a scenario that has now materialized. However, 10X Research suggested that this discount is now transforming into a potential investment opportunity.