The valuation pressure on Bitcoin treasury companies is becoming increasingly severe. Among the top 100 Bitcoin treasury companies, at least 37 (40%) have seen their stock prices fall below the net asset value of their held Bitcoin. This phenomenon has been directly described by macro analyst Alex Kruger as a "distorted structure," and he compares the current situation to the pre-collapse of the Grayscale Bitcoin Trust premium in 2020.

Where is the severity of the problem? When stock prices fall below net asset value, these companies generally cannot raise funds by issuing new shares, as this would only dilute existing shareholders' value. In other words, the previous approach of expanding asset scale through issuing new shares is no longer feasible. Leading companies like MicroStrategy are currently facing approximately 17% discounts.

Market participants generally expect that this sector may enter a phase of consolidation and mergers and acquisitions. Another noteworthy development is the geopolitical shift. Brazilian presidential candidate Renan Santos recently stated that Brazil should consider establishing a national-level Bitcoin strategic reserve. He explicitly pointed out in his campaign platform that this plan is "feasible." Santos is the founder of the newly established "Mission Party" and co-founder of the right-wing "Free Brazil Movement," and he has publicly expressed interest in emulating El Salvador President Nayib Bukele. These signals together reflect an increasing recognition of Bitcoin as an asset allocation option, but at the same time, traditional treasury company models are facing significant adjustments.