Concerns are mounting over the future of corporate crypto treasuries (DATs) following 10x Research’s revelation that BitMine Immersion Technologies, the largest corporate Ether holder, is burdened with an unrealized loss of $3.7 billion on its assets. This landscape is complicated by BlackRock’s progress on a staked Ether ETF, which analysts say will directly compete with existing business models. Markus Thielen, founder of 10x Research, noted that the opaque and high-fee structures of DATs are leaving investors “trapped” in a “true Hotel California scenario.”
The impact is clear: firms struggle to attract new investors, leaving current ones with no exit without incurring significant losses. This difficulty is reflected in BitMine’s low mNAV ratio of 0.77, a value that complicates capital expansion. Unlike transparent ETFs, DATs impose complex fees that silently erode returns, a problem also affecting other sector companies like Strategy and Metaplanet.
The institutional threat increases with BlackRock’s proposal, as its staked ETH ETF offers a low-cost yield (0.25% fee) without the hidden expenses of DATs. Analysts anticipate a massive capital reallocation towards BlackRock’s potential fund, subjecting the economy and business model of the future of crypto treasuries to increasing and decisive financial scrutiny.
Source: https://update.10xresearch.com/p/is-tom-lee-s-bitmine-team-really-collecting-157-million-a-year
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