News linked to both this project and an event.
10x Research posted an analysis on X, pointing out that as Bitcoin’s volatility continues to decline, the NAV premiums of most Bitcoin treasury companies have significantly contracted—some even turning into substantial discounts—resulting in visible losses for related investors. Historically, Grayscale’s GBTC briefly traded at a 47% discount in December 2022; at that time, investors could effectively buy Bitcoin through the product at an implied price below $10,000. The market had mistakenly viewed traditional finance–packaged crypto asset products as “Bitcoin leveraged tools.” In reality, these structures resemble options more closely: their implied value expands when volatility rises and contracts when volatility falls.
稳定币基础设施初创公司 Boundary Labs 宣布完成 200 万美元 Pre-Seed 轮融资，Galaxy Ventures 领投，First Block Capital、BlackWood 等机构参投，该公司计划于 2026 年夏季在以太坊主网上线机构级稳定币 USBD 及质押版本 sUSBD。据介绍，USBD 将支持每日链上披露储备状态、净资产价值（NAV）以及协议运行数据，并采用超额抵押与 Delta Neutral（市场中性）对冲策略，以降低市场波动与方向性风险。Boundary 强调，其协议不会使用递归杠杆，并要求所有收益来源保持 Delta Neutral 结构。（The Block）
Strategy (formerly MicroStrategy), led by Michael Saylor, has been accelerating its Bitcoin acquisitions this year. JPMorgan analysts stated that if the current pace continues, the company's total Bitcoin purchases for the year could reach approximately $30 billion. So far this year, Strategy has added 145,834 Bitcoin to its holdings, valued at around $11 billion. Analysis indicates that a significant portion of the company's purchases occurred when Bitcoin was below its average cost of roughly $75,000, reflecting a more "opportunistic" allocation strategy.At the current rate, Strategy's total Bitcoin purchases in 2026 could significantly exceed the approximately $22 billion levels seen in 2024 and 2025. Analysts noted that the company has re-accelerated its buying since April, suggesting its strategy is becoming more dependent on market conditions and financing availability. Meanwhile, Strategy's stock continues to trade at a premium of approximately 26% to its net asset value (NAV), providing favorable conditions for the company to continue purchasing Bitcoin through equity and debt financing. The company currently holds approximately 818,334 BTC, with a total value exceeding $65 billion. (The Block)