The bubble of Bitcoin treasury companies is bursting. By 2025, only one company will outperform the S&P 500, while most others are suffering losses. Strategy dropped 12%, Metaplanet plunged by one-third, and Nakamoto collapsed by 98% after raising $600 million. The number of companies buying Bitcoin in November has plummeted from 168 in July to just 28, an 83% decrease. The premium era is over, and the market is returning to rationality. Those 'treasury companies' without real business support are being eliminated.