Bitcoin Treasury Companies in Crisis: 40% Now Trade Below Net Asset Value

TLDR: 37 of top 100 Bitcoin treasury companies trade below net asset value, representing nearly 40% of sector Strategy, the sector pioneer, now trades at 17% discount after previously commanding double premiums  Companies below NAV cannot raise capital without destroying shareholder value, breaking growth model  Industry consolidation expected as Alex Kruger compares situation to Grayscale [...]

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