2026-01-03 15:21:11

The crypto market is undergoing a profound reshaping, with the valuation difficulties of Bitcoin asset companies serving as a barometer for this adjustment.

According to the latest data, among the top 100 publicly listed companies by market cap worldwide, nearly 40% have stock prices that have fallen below the value of their held Bitcoin assets. Even more painfully, top players are not immune, with an average discount of 17%. This phenomenon of "breaking net worth" reflects a failure of the previous model.

In recent years, these companies (represented by MicroStrategy) have followed a clear pattern: issuing new shares at a premium to raise funds, then making large-scale Bitcoin acquisitions, leveraging market uptrends to create scale effects. This "leverage-driven expansion" game has proven successful time and again. But now? Stock prices have fallen below net asset value, financing windows are closed, and the accelerator for expansion cannot be pressed.

The entire industry is being forced to shift from aggressive expansion to a phase of stockholder competition and M&A integration. This is undoubtedly a painful process, but also a mechanism of淘沙 (sorting out the good from the bad).

It is worth noting that there are also some positive signals: institutional research predicts 2026 will truly be the "year of institutional entry"; on the security front, losses from crypto phishing scams decreased by 83% month-over-month in 2025; however, the Korean market has also seen over a hundred billion dollars in capital outflows.

In the short term, it is indeed tough, but as long as we endure this "deleveraging" adjustment period, and large institutions collectively enter the market, these surviving companies may迎来 (迎来) a real opportunity window.

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LiquidityWitch

· 01-06 14:24

the deleveraging ritual is harsh but necessary... those who built on borrowed conviction are being liquidated. only the true alchemists survive this purge.

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ApeShotFirst

· 01-04 03:01

Damn, the net asset value is this low? MicroStrategy guys are really bold, leveraging to the max and now caught in a dead end haha Wait, is 2026 the year of institutional renewal? Should I start bottom fishing now... By the way, what's going on with South Korea's hundred-billion-dollar outbound capital? Does anyone understand? Those who can't hold on have already been liquidated; only the survivors are true players Deleveraging is damn painful, short-term it’s really hell A 17% discount to net asset value, even the top players are like this... The big waves wash away the sand, that’s just how it is, winners take all But a 83% drop in fishing scams is still good news, finally some reliable progress Should I enter now or wait until 2026? I’m so conflicted

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SandwichVictim

· 01-03 15:51

Breaking below the net value to this extent, it feels like the gamble is whether institutions can really come in by 2026 --- MicroStrategy's move is a bit risky; leverage games will always have a ceiling --- 83% reduction in scam losses, is this data real... you need to verify it yourself before believing --- Endure and turn around? Sounds easy, but how many actually survive --- Korea's outbound investment hits trillions, why is no one talking about this? Isn't this a signal? --- When the model fails, it just fails. Who's still making money with old tricks... --- Deleveraging is just another way of saying cutting the leeks; retail investors are the worst off anyway --- When institutions really start to enter, the stock price will have already rebounded. Can we still catch up? --- A 17% discount, is anyone bottom-fishing, or is everyone just watching?

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NFTPessimist

· 01-03 15:51

Breaking the net is just breaking the net; this is the real sieve, filtering out those who rely on storytelling to raise funds. --- MicroStrategy's move was a bit reckless; I should have just hoarded coins without bothering with stock premiums... --- Talking about 2026 being the first year for institutions, but it will be another set of excuses then. I don't believe it. --- Fewer phishing scams by 83%? How is this data calculated? It feels like they're just changing the name and doing the same thing again. --- Korea fleeing with hundreds of billions; this is the most genuine signal—everyone talks about institutional entry, but they are actually stepping back steadily. --- A 17% discount? What’s that? I found this game to be too shallow when it was directly discounted by 50%. --- Waiting for institutions to enter? Wake up, when institutions come in, it’s usually time to sell. --- The phrase "big waves wash away the sand" sounds nice, but it’s actually just a pause in the leek-cutting process.

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shadowy_supercoder

· 01-03 15:40

Breaking below the net... To put it simply, that set of strategies has reached its limit, and leverage can no longer be inflated. MicroStrategy's current situation is indeed a bit awkward. They enjoyed the benefits of the boom earlier, but now with the financing window closed, it's an immediate GG. But on the other hand, deleveraging might not be a bad thing. It could actually filter out those without real strength. When institutions flood in around 2026, only those who survive will be the winners.

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orphaned_block

· 01-03 15:29

The phenomenon of breaking the net essentially means the market is clearing out overly leveraged players. The good days for MicroStrategy and others have indeed come to an end. It currently looks tough, but this is exactly the time to filter out truly valuable projects. The 83% decrease in phishing fraud losses is interesting, indicating that our circle is indeed becoming more mature. Institutional entry in 2026? I think it's uncertain; we need to first see how the situation with Korea's hundred-billion-dollar overseas expansion unfolds. If we endure, we'll be at the top of the next food chain; those who don't die will profit. This round of adjustment will be brutal; small retail investors still need to protect their remaining coins. Breaking the net itself isn't anything new; it's just that the tactics have failed, and leverage will ultimately backfire. Are institutions really coming? I always feel like it's just a pie-in-the-sky dream.

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Degen4Breakfast

· 01-03 15:28

The broken net is so serious, MicroStrategy is still holding on? I feel like the leverage game is going to be unplayable --- Deleveraging pains... This statement sounds like comforting yourself, anyway, the currency circle is like this --- Waiting for the 2026 institution to enter? Brother, I can't wait, this short-term wave is terribly uncomfortable --- 83% less phishing fraud? This data is really fake, or there are too few people who have been deceived --- South Korea's hundreds of billions of dollars fled... Why is there always someone running away at a critical moment? --- From expansion to stock competition, to put it bluntly, the game of cutting leeks is over --- A 17% discount is not a big deal, watching the stock prices of these companies continue to fall, the mentality is a bit broken --- Can you get through it and turn over? This is more than the promise of the currency circle --- The whole model has failed, what about the vision that was once blown so fiercely

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