The valuation pressure on Bitcoin Treasury Companies continues to intensify. Currently, among the top 100 Bitcoin Treasury Companies, at least 37 (around 40%) have seen their stock prices fall below the net asset value (NAV) of their Bitcoin holdings. Macro analyst Alex Kruger described this pattern as a 'distorted structure,' comparing it to the situation before the Grayscale Bitcoin Trust premium collapse in 2020. With stock prices below NAV, these companies are finding it difficult to raise funds through issuing new shares without diluting shareholder value, rendering the treasury expansion model essentially ineffective. Several leading companies, including MicroStrategy, are currently trading at a discount of about 17%, and the market widely expects this sector to enter a phase of consolidation and mergers. (DL News) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=54488