[South Korea's Bitcoin Treasury Strategy Faces Setback, Bitmax Stock Plummets 88% from Peak] March 10 news: By 2025, several small publicly listed companies in South Korea rushed to replicate Strategy's Bitcoin treasury model, using borrowed funds to purchase Bitcoin. Now the strategy has encountered setbacks, and Bitmax serves as a typical example. Last year, Bitmax shifted its focus to Bitcoin, holding 551 BTC at an acquisition cost of approximately $55 million. Of these, 539 BTC were obtained through 13 over-the-counter transactions with the chairman, with a total premium of about $6 million. Due to losses, the company announced on March 9 a capital reduction by consolidating 4 shares into 1, reducing paid-in capital from $14.5 million to $3.6 million. The stock price plunged over 10% the next day to around $0.63. Compared to Strategy, the gap is evident: Bitcoin has only dropped 12% over the past year, Strategy fell about 70%, while Bitmax plummeted 88%. Furthermore, when BTC rebounded, Bitmax failed to follow suit, indicating that the market has priced in the company's unique risks. Analysts pointed out that in the absence of scale, access to capital markets, and institutional credibility, this model carries far greater risks than rewards.