🔥🚨Valuation pressure on $BTC treasury companies is mounting, with about 40% of the top 100 firms now trading below the net asset value of their Bitcoin holdings.

Macro analyst Alex Kruger likened the model to the pre-collapse premium of Grayscale Bitcoin Trust in 2020, calling it unsustainable.

As shares trade below NAV, equity financing becomes value-destructive, effectively breaking the treasury expansion model.

Leading firms including Strategy are trading at roughly a 17% discount, raising expectations of consolidation and M&A in the sector.