MAROKO133 Breaking crypto: Retail Investors Lose $17B as Bitcoin Treasury Stocks Collapse,

📌 MAROKO133 Breaking crypto: Retail Investors Lose $17B as Bitcoin Treasury Stocks

Retail investors chasing Bitcoin exposure through public companies like Metaplanet and Michael Saylor’s Strategy have lost an estimated $17 billion, according to a new report by 10x Research.

The firm said the losses stem from share premiums that once priced these companies far above the value of their Bitcoin holdings, premiums that have now evaporated.

“The age of financial magic is ending for Bitcoin treasury companies,” analysts at 10x Research wrote in the report “After the Magic: How Bitcoin Treasury Firms Must Evolve Beyond NAV Illusions.”

Retail Investors Overpaid $20B for Bitcoin Exposure, 10x Research Says

Retail investors, they said, “overpaid for Bitcoin exposure by roughly $20 billion,” while companies quietly converted inflated share prices into real BTC on their balance sheets.

The research compared the strategy of these digital asset treasury (DAT) firms to “financial alchemy,” where stock sales at inflated valuations were repeatedly used to buy more Bitcoin.

From a $1 billion BTC base, Metaplanet’s market capitalization surged to $8 billion at its peak before crashing to $3.1 billion, even as it held $3.3 billion in Bitcoin.

“In the process, shareholders lost $4.9 billion in value, while the company managed to accumulate $2.3 billion worth of Bitcoin,” the report said.

Michael Saylor’s Strategy (MSTR) followed a similar pattern.

Its shares, which once traded at multiples of three to seven times the firm’s actual Bitcoin holdings, now sit at roughly 1.4 times NAV, erasing much of the speculative premium that defined the last cycle.

According to 10x, this NAV “normalization” could mark a turning point for the sector. Companies now trading near or below their Bitcoin value may represent “pure BTC exposure with upside from future trading profits.”

Analysts argue that the firms that adapt, shifting from hype-driven treasuries to arbitrage-style asset managers, could still generate 15–20% annual returns.

The report concludes that the “magic” may be over, but the shakeout will create a new generation of disciplined Bitcoin asset managers.

As the market matures, only firms with strong capital bases and experienced trading teams “will define the next bull market.”

Novogratz Says Treasury Crypto Boom Has Peaked, Focus Shifts to Survivors

Galaxy Digital CEO Michael Novogratz believes the wave of new crypto treasury companies has likely hit its peak, with attention now shifting to which existing firms can scale and dominate.

Speaking during Galaxy’s Q2 earnings call, he said, “We’ve probably gone through peak treasury company issuance,” signaling a more competitive phase ahead.

The boom in treasury-based crypto firms was fueled by favorable U.S. regulations, with companies like Strategy, GameStop, Trump Media, and SharpLink allocating reserves to Bitcoin, Ethereum, and other digital assets.

However, Novogratz warned that saturation could make it harder for newcomers to gain traction, especially as Ethereum-focused treasuries like BitMine and SharpLink continue to expand.

The post Retail Investors Lose $17B as Bitcoin Treasury Stocks Collapse, 10x Research Says appeared first on Cryptonews.

🔗 Sumber: cryptonews.com

📌 MAROKO133 Breaking crypto: FIFA Faces Criminal Charges Over World Cup NFTs Wajib

Gespa, a Swiss gambling authority, filed a criminal complaint against FIFA for its NFT collection. The regulator claimed that competitions for on-chain rewards may constitute unregistered betting.

Still, though, this complaint is non-binding. Gespa offered to cooperate with any prosecution efforts, but it won’t spearhead a case itself. FIFA may be able to reach a non-litigious agreement with government officials.

FIFA’s NFT Competitions

Soccer and the crypto sector have had years of overlap at this point, and FIFA has been offering its own NFTs for quite some time.

However, this trade may have brought some trouble to the football association, as Swiss authorities may pursue charges against FIFA in the near future.

Specifically, Gespa, the Swiss Gambling Supervisory Authority, alleged in a criminal complaint that FIFA’s NFT offerings may constitute gambling.

Rather than buying products directly, users enter challenges or await drops in the hope of receiving assets. Due to their monetary value, these NFTs may violate gambling regulations:

“Various competitions related to [NFT] collectibles are offered [on FIFA platforms]…Participation in the competitions is only possible in exchange for a monetary stake, with monetary benefits to be won. From a gambling law perspective, the offers in question are partly lotteries and partly sports betting,” Gespa’s complaint read.

New Distribution Schemes?

So, why is this a problem now, after several years of operation? For one thing, FIFA switched its partner in NFT generation, using Avalanche instead of Algorand as its underlying blockchain.

This brought a huge surge of activity to Avalanche and may have introduced further lottery-like mechanics into asset distribution.

Additionally, Gespa claims that it only discovered FIFA’s NFT platform this month. Until then, the regulator was apparently unaware of the competitions, such as drops and challenges, that can allow users to win NFTs.

We don’t know what alerted Gespa to these activities, but its speed of response suggests that it’s concerned.

To be clear, though, the Swiss regulator’s complaint was only one page long. It claims that law enforcement has jurisdiction over whether or not FIFA’s NFT offerings violate the law; Gespa itself takes no official position on the subject.

It offered to assist future investigations but declined to release any more information itself.

In other words, there may be a non-litigious solution here. FIFA may be able to reform its NFT distribution scheme to avoid this complaint, or the association may reach another agreement with Swiss regulators.

For now, though, we’ll have to see if local authorities attempt to pursue Gespa’s case.

The post FIFA Faces Criminal Charges Over World Cup NFTs appeared first on BeInCrypto.

🔗 Sumber: www.beincrypto.com