Bitcoin whale premium collapse: leverage strategies face testing

TokenSherpa · 2026-01-06T08:40:12+00:00

【Crypto World】It's the same familiar scene again. The once star enterprise that outperformed the market with Bitcoin is now facing a crumbling moat—mNAV premium has been sliding from high levels down to 1.03 times, and that protective layer is getting thinner and thinner.The numbers are quite eye-catching. On the books for the fourth quarter, an unrealized loss directly created a $17.44 billion hole. Holding 673,783 Bitcoins, this position faces increasing pressure amid the market reshuffle. The leverage mode was already walking a tightrope, and now that line has become even thinner.The market has split into two camps. The optimists believe this is a good time to increase Bitcoin exposure, as bargains are emerging. But the other side's voice is more piercing—the premium has disappeared, and the mechanism the company used for financing and buying coins is also failing. Relying on issuing more shares to raise funds is no longer feasible. For a company that has all its chips tied to Bitcoin, this is not just an image problem but a genuine structural dilemma.

TokenSherpa

2026-01-06 08:40:12

Abstract generation in progress

【币界】又是熟悉的一幕。曾经那只靠比特币跑赢大盘的明星企业，如今估值护城河正在瓦解——mNAV溢价从高位一路下滑到1.03倍，那层保护膜越来越薄了。

数字有点扎眼。第四季度的账面上，未实现亏损直接砸出174.4亿美元的窟窿。手里握着673,783枚比特币，在这轮市场洗牌中，这个头寸的压力越来越大。杠杆模式本来就走钢丝，现在这条线更细了。

市场分成了两派。乐观派认为这是买比特币敞口的好时机，便宜货出现了。但另一边的声音更刺耳——溢价消失了，公司原本用来融资买币的那套机制也跟着失效。靠增发股票圈钱的路走不通了。这对一家把所有筹码都压在比特币上的公司来说，不只是形象问题，是真正的结构性困境。

BTC0,89%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

10 Likes