Data: BNB Chain has generated over $350 million in fee revenue in the third quarter of this year

BlackRock and Marvel Studios acquire major stakes in Mutual Capital, boosting its role as a leader in asset tokenization.]]>

The crypto platform has confirmed a limited breach following a report linked it to the Scattered Spider hacker group.

The post Bears Winning as ‘Meaningful’ Discount Emerges for 4 Bitcoin Treasury Firms: TD appeared on BitcoinEthereumNews.com. In brief A growing number of Bitcoin treasury firms are trading at discount to their holdings. Some are likely to fade away or become acquired, per TD Cowen. The investment bank thinks others will still outperform Bitcoin. Some Bitcoin treasury firms are losing their luster as share prices sag below a key threshold, TD Cowen analyst Lance Vitanza shared in a Tuesday note. Among 13 Bitcoin-buying firms tracked by the investment bank, four are trading “at meaningful discounts” against the value of their respective crypto holdings, he said. Among them were Semler Scientific (-4%), Sequans (-25%), DDC Enterprise (-18%), and Bitcoin Treasury Corp (-18%). To an extent, these firms are trying to emulate Strategy’s playbook. Like the largest corporate holder of Bitcoin, they typically measure success based on the amount of Bitcoin that they own per share. All four firms pivoted toward buying Bitcoin this year. Together, these firms have accumulated $1.15 billion worth of Bitcoin, but shifting stock prices have constrained a go-to source of funding. They can no longer issue common shares to buy Bitcoin, and while capturing that premium, purchase the asset to increase Bitcoin per share.  Strategy, which owns $73.49 billion worth of Bitcoin, has never slipped below the threshold. Within the cryptosphere, that ratio is colloquially referred to as mNAV, or market-to-net-asset value. Still, at a 1.29x premium, Strategy’s mNAV was two basis points away from all-time lows on Tuesday, according to Bitcoin Treasuries. “A lot of this is an attention game,” Carlos Guzman, a research analyst at market maker GSR, told Decrypt, suggesting that Strategy benefits from a first-mover advantage. Strategy’s premium peaked at 3.1x in November—before the debut of most Bitcoin treasury firms. As that premium has shrunk, common issuance has grown less accretive, Vitanza noted. That has made it more difficult…