Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming business model break down, according to a new analysis from Galaxy Research.
The report said that the digital asset treasury (DAT) trade has reached its natural limit as equity prices fell below Bitcoin (BTC) net asset value (NAV), causing the issuance-driven growth loop to reverse and turning leverage into a liability.
That breaking point arrived as Bitcoin dropped from its October…
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