[Bitcoin Treasury Companies' Premiums Plummet, Entering the 'Darwin Phase'] Over the past year, the premiums of publicly listed companies holding large amounts of Bitcoin have significantly declined. MicroStrategy's premium dropped from 120% in March 2023 to around 10%, and companies like Hut 8 have shown increased correlation between their stock prices and Bitcoin prices. Analysts believe that the launch of Bitcoin ETFs and improvements in corporate governance are driving these companies into the 'Darwin Phase,' where valuations rely more on core business performance and management efficiency rather than the amount of Bitcoin held.