[Opinion: Significant Divergence in the Bitcoin Treasury Sector, Some Companies Struggle to Survive on Hype Alone] According to a report by Cointelegraph, the Bitcoin treasury sector is gradually diverging, with companies falling into two categories: those with mature financial planning and those relying solely on promotional hype to attract funds. Sean Bill, co-founder of BSTR, pointed out that many of these companies have unreasonable capital structures and lack the actual operational capabilities for Bitcoin, overly depending on price performance. He likened such companies to 'street hawkers' and stated that if they cannot leverage value creation, investors will turn to more stable products like Bitcoin ETFs. Data shows that a total of 198 publicly listed companies currently hold approximately 1.25 million Bitcoins, with Strategy holding 843,738 Bitcoins, far ahead of the rest.