<p>FG Nexus &#273;&atilde; b&aacute;n 32.7 tri&#7879;u USD Ethereum &#273;&#7875; t&agrave;i tr&#7907; cho vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u sau khi c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty gi&#7843;m 94% trong b&#7889;n th&aacute;ng, l&agrave;m n&#7893;i b&#7853;t cu&#7897;c kh&#7911;ng ho&#7843;ng gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV) ng&agrave;y c&agrave;ng s&acirc;u s&#7855;c trong s&#7889; c&aacute;c c&ocirc;ng ty kho b&#7841;c t&agrave;i s&#7843;n s&#7889;.</p>
<p>Vi&#7879;c b&aacute;n n&agrave;y di&#7877;n ra sau khi ETHZilla x&#7843; 40 tri&#7879;u USD ETH v&agrave;o th&aacute;ng 10, nh&#7845;n m&#7841;nh &aacute;p l&#7921;c ng&agrave;y c&agrave;ng t&#259;ng kh&#7855;p m&#7897;t ng&agrave;nh &#273;ang qu&#7843;n l&yacute; h&#417;n 42.7 t&#7927; USD t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917;. L&agrave;n s&oacute;ng b&aacute;n b&#7855;t bu&#7897;c n&agrave;y l&agrave;m r&otilde; l&#7895; h&#7893;ng trong m&ocirc; h&igrave;nh kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917; doanh nghi&#7879;p, khi c&aacute;c c&ocirc;ng ty ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i c&#7893; phi&#7871;u giao d&#7883;ch d&#432;&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n c&#417; b&#7843;n c&#7911;a h&#7885;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-treasury-companies-resort-to-asset-sales-amid-stock-collapse">C&aacute;c c&ocirc;ng ty t&agrave;i ch&iacute;nh chuy&#7875;n sang b&aacute;n t&agrave;i s&#7843;n gi&#7919;a l&uacute;c c&#7893; phi&#7871;u s&#7909;t gi&#7843;m</h2>

<p>FG Nexus <a href="https://www.globenewswire.com/news-release/2025/11/20/3191942/0/en/FG-NEXUS-ANNOUNCES-THIRD-QUARTER-HIGHLIGHTS-AND-SHAREHOLDER-UPDATE.html" target="_blank" rel="noopener">&#273;&atilde; c&ocirc;ng b&#7889;</a> b&aacute;n 10,922 ETH v&agrave;o th&aacute;ng 10 &#273;&#7875; h&#7895; tr&#7907; cho vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u tr&#7883; gi&aacute; 200 tri&#7879;u USD. C&ocirc;ng ty b&#7855;t &#273;&#7847;u mua l&#7841;i c&#7893; phi&#7871;u sau khi c&#7893; phi&#7871;u c&#7911;a c&ocirc;ng ty gi&#7843;m m&#7841;nh d&#432;&#7899;i NAV, ch&#7881; s&#7889; gi&aacute; tr&#7883; t&agrave;i s&#7843;n c&#417; b&#7843;n tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u. FG Nexus gi&#7919; l&#7841;i 40,005 ETH v&agrave; 37 tri&#7879;u USD ti&#7873;n m&#7863;t, v&#7899;i t&#7893;ng n&#7907; t&#259;ng l&ecirc;n 11.9 tri&#7879;u USD, t&iacute;nh &#273;&#7871;n th&#7913; T&#432;.</p>
<p>C&ocirc;ng ty &#273;&atilde; mua l&#7841;i 3.4 tri&#7879;u c&#7893; phi&#7871;u v&#7899;i gi&aacute; kho&#7843;ng 3.45 USD m&#7895;i c&#7893; phi&#7871;u, chi&#7871;m 8% s&#7889; c&#7893; phi&#7871;u &#273;ang l&#432;u h&agrave;nh. Ban qu&#7843;n l&yacute; nh&#7845;n m&#7841;nh r&#7857;ng c&#7893; phi&#7871;u &#273;&#432;&#7907;c mua l&#7841;i v&#7899;i gi&aacute; th&#7845;p h&#417;n NAV, &#273;&#7841;t 3.94 USD m&#7895;i c&#7893; phi&#7871;u v&agrave;o gi&#7919;a th&aacute;ng 11. Tuy nhi&ecirc;n, chi&#7871;n l&#432;&#7907;c n&agrave;y y&ecirc;u c&#7847;u kho&#7843;ng 10 tri&#7879;u USD n&#7907; v&agrave; vi&#7879;c thanh l&yacute; 21% d&#7921; tr&#7919; ETH so v&#7899;i m&#7913;c th&aacute;ng 9.</p>
<p>FG Nexus l&agrave; m&#7897;t trong nhi&#7873;u c&ocirc;ng ty kho b&#7841;c t&agrave;i s&#7843;n s&#7889; &#273;ang theo &#273;u&#7893;i vi&#7879;c b&aacute;n crypto. ETHZilla <a href="https://vn.beincrypto.com/crypto-treasury-leverage-nav-crisis/" target="_blank" rel="noreferrer noopener">&#273;&atilde; th&ocirc;ng b&aacute;o</a> m&#7897;t &#273;&#7907;t b&aacute;n ETH tr&#7883; gi&aacute; kho&#7843;ng 40 tri&#7879;u USD &#273;&#7875; h&#7895; tr&#7907; vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u v&agrave;o cu&#7889;i th&aacute;ng 10. C&ocirc;ng ty &#273;&atilde; mua 600,000 c&#7893; phi&#7871;u v&#7899;i g&#7847;n 12 tri&#7879;u USD k&#7875; t&#7915; ng&agrave;y 24/10, t&igrave;m ki&#7871;m bi&#7879;n ph&aacute;p gi&#7843;i t&#7887;a kh&#7887;i m&#7913;c gi&#7843;m gi&aacute; 30% so v&#7899;i NAV dai d&#7859;ng.</p>
<p>Khi c&#7893; phi&#7871;u c&#7911;a m&#7897;t c&ocirc;ng ty DAT giao d&#7883;ch v&#7899;i gi&aacute; th&#7845;p h&#417;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n crypto c&#7911;a n&oacute; (mNAV d&#432;&#7899;i 1.0), c&#7893; &#273;&ocirc;ng th&uacute;c &#273;&#7849;y ban qu&#7843;n l&yacute; hi&#7879;n th&#7921;c h&oacute;a gi&aacute; tr&#7883; &#7849;n &#273;&oacute;. C&aacute;ch hi&#7879;u qu&#7843; nh&#7845;t &#273;&#7875; l&agrave;m &#273;i&#7873;u n&agrave;y l&agrave; th&ocirc;ng qua vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u, nh&#432;ng vi&#7879;c &#273;&#7843;m b&#7843;o s&#7889; ti&#7873;n c&#7847;n thi&#7871;t &#273;&#7875; mua l&#7841;i c&#7893; phi&#7871;u c&#7847;n c&oacute; ti&#7873;n m&#7863;t. N&#7871;u c&ocirc;ng ty thi&#7871;u d&#7919; tr&#7919; ti&#7873;n m&#7863;t, h&#7885; ph&#7843;i b&aacute;n m&#7897;t s&#7889; t&agrave;i s&#7843;n crypto c&#7911;a m&igrave;nh &#273;&#7875; t&agrave;i tr&#7907; cho vi&#7879;c mua l&#7841;i.</p>
<p>mNAV c&#7911;a Metaplanet, m&#7897;t c&ocirc;ng ty DAT t&iacute;ch l&#361;y Bitcoin, gi&#7843;m xu&#7889;ng 0.99 tr&#432;&#7899;c khi ph&#7909;c h&#7891;i l&ecirc;n 1.03. C&#7893; phi&#7871;u c&#7911;a n&oacute; &#273;&atilde; m&#7845;t 70% k&#7875; t&#7915; m&#7913;c cao trong th&aacute;ng 6, cho th&#7845;y c&#259;ng th&#7859;ng r&#7897;ng kh&#7855;p trong ng&agrave;nh. Vi&#7879;c s&#7917; d&#7909;ng c&#7893; phi&#7871;u &#432;u &#273;&atilde;i v&ocirc; th&#7901;i h&#7841;n, k&#7871;t h&#7907;p c&#7893; t&#7913;c c&#7889; &#273;&#7883;nh v&#7899;i ti&#7871;p x&uacute;c ti&#7873;n &#273;i&#7879;n t&#7917;, l&agrave;m ph&#7913;c t&#7841;p th&ecirc;m c&#7845;u tr&uacute;c v&#7889;n &#273;&atilde; ch&#7883;u &aacute;p l&#7921;c t&#7915; &#273;i&#7873;u ki&#7879;n th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-leveraged-structures-amplify-market-pressure">C&#7845;u tr&uacute;c &#273;&ograve;n b&#7849;y khu&#7871;ch &#273;&#7841;i &aacute;p l&#7921;c th&#7883; tr&#432;&#7901;ng</h2>

<p>C&aacute;c c&ocirc;ng ty DAT &#273;&atilde; tri&#7875;n khai 42.7 t&#7927; USD v&agrave;o crypto trong n&#259;m 2025, v&#7899;i 22.6 t&#7927; USD &#273;&#432;&#7907;c t&iacute;ch l&#361;y trong qu&yacute; 3. S&#7921; m&#7903; r&#7897;ng n&agrave;y &#273;&atilde; t&#259;ng t&#7889;c khi <a href="https://vn.beincrypto.com/bitcoin-bear-market-debate-analysis/" target="_blank" rel="noopener">Bitcoin</a> t&#259;ng h&#417;n 126,000 USD v&agrave;o th&aacute;ng 10, th&uacute;c &#273;&#7849;y c&aacute;c v&ograve;ng ph&#7843;n h&#7891;i t&iacute;ch c&#7921;c v&agrave; gi&aacute; tr&#7883; t&#259;ng. Tuy nhi&ecirc;n, c&aacute;c &#273;&#7843;o chi&#7873;u sau &#273;&oacute; &#273;&atilde; l&agrave;m l&#7897; ra nh&#7919;ng &#273;i&#7875;m y&#7871;u trong c&aacute;c c&#7845;u tr&uacute;c v&#7889;n x&acirc;y d&#7921;ng d&#7921;a tr&ecirc;n &#273;&ograve;n b&#7849;y v&agrave; kh&#7843; n&#259;ng ti&#7871;p c&#7853;n th&#7883; tr&#432;&#7901;ng v&#7889;n.</p>
<p>C&aacute;c c&ocirc;ng ty kho b&#7841;c ch&#7881; chi&#7871;m 0.83% t&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng crypto. Tuy nhi&ecirc;n, s&#7921; t&#7853;p trung n&#7855;m gi&#7919; c&#7911;a h&#7885; l&#7841;i l&agrave;m t&#259;ng t&aacute;c &#273;&#7897;ng trong c&aacute;c &#273;&#7907;t suy gi&#7843;m. S&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y qua ghi ch&uacute; chuy&#7875;n &#273;&#7893;i, giao d&#7883;ch PIPE v&agrave; c&#7893; phi&#7871;u &#432;u &#273;&atilde;i v&ocirc; th&#7901;i h&#7841;n gia t&#259;ng &aacute;p l&#7921;c b&aacute;n khi gi&aacute; gi&#7843;m ho&#7863;c kho&#7843;n gi&#7843;m gi&aacute; NAV r&#7897;ng ra.</p>
<p>T&iacute;nh thanh kho&#7843;n th&#7883; tr&#432;&#7901;ng suy gi&#7843;m m&#7841;nh khi gi&aacute; t&agrave;i s&#7843;n gi&#7843;m. <a href="https://vn.beincrypto.com/bitcoin-divergence-asia-us-market-split/" target="_blank" rel="noopener">Bitcoin</a> s&#7889; l&#7879;nh tr&ecirc;n m&#7913;c 1% gi&#7843;m t&#7915; 20 tri&#7879;u USD xu&#7889;ng 14 tri&#7879;u USD&mdash;gi&#7843;m 33% l&agrave;m t&#259;ng &#273;&#7897; nh&#7841;y gi&aacute; v&#7899;i b&#7845;t k&#7923; &#273;&#7907;t b&aacute;n n&agrave;o. <a href="https://ng.investing.com/analysis/bitcoin-encounters-a-hidden-wave-of-selling-from-overleveraged-treasury-firms-212041" target="_blank" rel="noreferrer noopener nofollow">C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch &#432;&#7899;c t&iacute;nh</a> vi&#7879;c b&aacute;n b&#7855;t bu&#7897;c c&#7911;a c&aacute;c c&ocirc;ng ty kho b&#7841;c c&oacute; th&#7875; &#273;&#7841;t t&#7915; 4 t&#7927; USD &#273;&#7871;n 6 t&#7927; USD n&#7871;u 10% &#273;&#7871;n 15% v&#7883; tr&iacute; b&#7883; thanh l&yacute;, c&oacute; kh&#7843; n&#259;ng v&#432;&#7907;t qua m&#7913;c r&uacute;t v&#7889;n 2.33 t&#7927; USD c&#7911;a th&aacute;ng 11 t&#7915; ETF.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-systemic-risks-mount-as-buying-halts">R&#7911;i ro h&#7879; th&#7889;ng gia t&#259;ng khi vi&#7879;c mua b&aacute;n d&#7915;ng l&#7841;i</h2>

<p>Vi&#7879;c mua ti&#7873;n &#273;i&#7879;n t&#7917; doanh nghi&#7879;p &#273;&atilde; ch&#7919;ng l&#7841;i do ni&#7873;m tin gi&#7843;m s&uacute;t v&agrave; gi&#7843;m tri&#7875;n khai v&#7889;n. C&aacute;c c&ocirc;ng ty t&#7915;ng cung c&#7845;p nhu c&#7847;u &#7893;n &#273;&#7883;nh gi&#7901; &#273;ang b&aacute;n ra, &#273;&#7843;o ng&#432;&#7907;c c&aacute;c chu k&#7923; t&iacute;ch c&#7921;c tr&#432;&#7899;c &#273;&oacute;. C&#7893; phi&#7871;u c&#7911;a <a href="https://vn.beincrypto.com/crypto-bull-market-possibility-5-reasons/" target="_blank" rel="noopener">MicroStrategy</a> gi&#7843;m 60% do bi&#7871;n &#273;&#7897;ng c&#7911;a Bitcoin, cho th&#7845;y r&#7911;i ro m&#7889;i t&#432;&#417;ng quan gi&#7919;a gi&aacute; crypto v&agrave; gi&aacute; tr&#7883; c&#7893; phi&#7871;u ngay c&#7843; &#273;&#7889;i v&#7899;i c&aacute;c c&ocirc;ng ty c&oacute; b&#7843;ng c&acirc;n &#273;&#7889;i v&#7919;ng ch&#7855;c.</p>
<p>C&aacute;c c&ocirc;ng ty kho b&#7841;c nh&#7887; h&#417;n &#273;ang ch&#7883;u &aacute;p l&#7921;c ng&agrave;y c&agrave;ng t&#259;ng, &#273;&#7863;c bi&#7879;t l&agrave; nh&#7919;ng c&ocirc;ng ty n&#7855;m gi&#7919; t&agrave;i s&#7843;n k&eacute;m thanh kho&#7843;n. Nhi&#7873;u c&ocirc;ng ty ch&#7883;u t&aacute;c &#273;&#7897;ng t&#7915; <a href="https://vn.beincrypto.com/hbar-price-may-struggle-to-climb/" target="_blank" rel="noopener">Solana</a> &#273;&atilde; tr&#7843;i qua m&#7913;c gi&#7843;m 40% NAV v&igrave; c&aacute;c kho&#7843;n &#273;&#7863;t c&#432;&#7907;c t&#7853;p trung l&agrave;m s&acirc;u s&#7855;c th&ecirc;m t&#7893;n th&#7845;t. Thi&#7871;u s&#7921; &#273;a d&#7841;ng h&oacute;a v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch m&#7887;ng trong c&aacute;c lo&#7841;i ti&#7873;n &#273;i&#7879;n t&#7917; thay th&#7871; g&oacute;p ph&#7847;n v&agrave;o nh&#7919;ng &#273;i&#7875;m y&#7871;u r&#7897;ng l&#7899;n h&#417;n c&#7911;a ng&agrave;nh.</p>
<p>Nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&#361;ng g&oacute;p ph&#7847;n b&aacute;n ra b&#7857;ng c&aacute;ch tho&aacute;t kh&#7887;i c&aacute;c v&#7883; tr&iacute; tr&#432;&#7899;c, gi&#7843;m nhu c&#7847;u th&#7883; tr&#432;&#7901;ng khi c&aacute;c ch&#7911; s&#7903; h&#7919;u t&#7893; ch&#7913;c b&#7855;t &#273;&#7847;u thanh l&yacute;. V&agrave;o th&aacute;ng 11, d&ograve;ng ti&#7873;n ra 4 t&#7927; USD t&#7915; ETF v&agrave; ho&#7841;t &#273;&#7897;ng c&#7911;a nh&agrave; t&#7841;o l&#7853;p th&#7883; tr&#432;&#7901;ng gi&#7843;m &#273;&atilde; l&agrave;m t&#259;ng c&#432;&#7901;ng &#273;&#7897; bi&#7871;n &#273;&#7897;ng. Nh&#7919;ng t&igrave;nh hu&#7889;ng n&agrave;y gi&#7889;ng nh&#432; c&aacute;c v&#7909; s&#7909;p &#273;&#7893; th&#7883; tr&#432;&#7901;ng do &#273;&ograve;n b&#7849;y th&#7845;y trong c&aacute;c l&#7899;p t&agrave;i s&#7843;n kh&aacute;c, nh&#432; cu&#7897;c kh&#7911;ng ho&#7843;ng REIT th&#7871; ch&#7845;p n&#259;m 2008.</p>
<p>Cu&#7897;c kh&#7911;ng ho&#7843;ng ng&agrave;y c&agrave;ng t&#259;ng n&agrave;y th&aacute;ch th&#7913;c s&#7921; b&#7873;n v&#7919;ng c&#7911;a m&ocirc; h&igrave;nh kho b&#7841;c t&agrave;i s&#7843;n s&#7889; trong c&aacute;c &#273;&#7907;t gi&#7843;m s&acirc;u k&eacute;o d&agrave;i. Qu&#7843;n l&yacute; r&#7911;i ro nghi&ecirc;m ng&#7863;t v&agrave; gi&aacute;m s&aacute;t quy &#273;&#7883;nh c&oacute; th&#7875; l&agrave; c&#7847;n thi&#7871;t &#273;&#7875; ng&#259;n ch&#7863;n c&aacute;c &#273;&#7907;t b&aacute;n th&aacute;o t&#7921; c&#7911;ng c&#7889; kh&#7887;i vi&#7879;c l&agrave;m m&#7845;t &#7893;n &#273;&#7883;nh th&#7883; tr&#432;&#7901;ng r&#7897;ng l&#7899;n h&#417;n. Trong nh&#7919;ng tu&#7847;n t&#7899;i, kh&#7843; n&#259;ng c&#7911;a c&aacute;c c&ocirc;ng ty n&agrave;y trong vi&#7879;c duy tr&igrave; t&agrave;i s&#7843;n crypto m&agrave; kh&ocirc;ng b&#7883; thanh l&yacute; b&#7855;t bu&#7897;c th&ecirc;m s&#7869; quy&#7871;t &#273;&#7883;nh li&#7879;u ng&agrave;nh c&oacute; s&#7889;ng s&oacute;t m&agrave; kh&ocirc;ng b&#7883; &#7843;nh h&#432;&#7903;ng hay ph&#7843;i tr&#7843;i qua t&aacute;i c&#7845;u tr&uacute;c c&#259;n b&#7843;n.</p>


Các công ty DAT bán crypto để cứu cổ phiếu: Điều này có bền vững không?