Bitcoin treasury firms enter a ‘Darwinian phase’ as premiums collapse: Galaxy
Bitcoin treasury firms are entering a 'Darwinian phase' as their business model breaks down due to collapsing equity premiums.Summary
Galaxy Research reports that Bitcoin Digital Asset Treasury (DAT) companies are entering a "Darwinian phase" because the issuance-driven growth loop has reversed, turning leverage into a liability as equity prices fall below Bitcoin Net Asset Value (NAV). This shift was accelerated by Bitcoin's drop from its October peak, which caused risk appetite to contract and liquidity to drain. Consequently, DAT stocks that previously traded at high premiums are now mostly trading at discounts, with some firms like NAKA seeing massive declines. Galaxy outlines three future paths: a prolonged period of compressed premiums, consolidation where heavily indebted firms face restructuring, or recovery if Bitcoin reaches new highs, favoring companies that managed liquidity well. Separately, Strategy raised a $1.44 billion cash reserve to secure dividend payments amid investor anxiety.
(Source：Cointelegraph)