# Bài viết Liên quan Screening

The First Wave of Bitcoin Treasury Companies Is Beginning to Collapse

The first wave of Bitcoin treasury companies is facing a severe shakeout, as seen with KindlyMD (NAKA) receiving a Nasdaq compliance notice for its stock trading below $1. This signals a broader sector-wide crisis where investors are scrutinizing these firms' fundamentals—cash flow, financing capabilities, and resilience during market downturns—rather than just their Bitcoin holdings. Imitators of the Strategy (MSTR) model are under pressure, with stocks like American Bitcoin (ABTC) and ProCap Financial (BRR) falling over 68% and 70% in a month, respectively. Even Ethereum-focused firms like Bitmine Immersion Technologies (BMNR) are underperforming their underlying assets. Key differentiators are now the scale of Bitcoin holdings and the mNAV (market cap to net asset value) ratio. MSTR, with 671,268 BTC, trades at an mNAV of ~0.8x, while smaller firms like NAKA (~0.35x mNAV) trade at discounts, and ABTC (~3.5x mNAV) faces volatile premiums. The market shift is from "how much Bitcoin can you buy" to "can you avoid selling during volatility." Notably, about 65 of 100 tracked Bitcoin treasury companies bought at prices above current levels, resulting in unrealized losses. At least five firms have already offloaded 1,883 BTC during the recent sell-off. Industry analysts like Matt Zhang of Hivemind Capital view this as a Darwinian cleansing, where only companies with stable operational cash flows and robust capital structures will survive without relying on continuous financing. The era of narrative-driven premiums is over; the focus is now on sustainability and risk management in a volatile market.

marsbit12/19 02:07