Report: Most Bitcoin Treasury Strategy Firms May Enter a "Death Spiral," Only a Few Likely to Survive
Odaily Planet Daily reports that, according to a report released by venture capital firm Breed, Bitcoin asset management companies have become a focal point for crypto trends in 2025. However, most projects may fall into a "death spiral" due to price declines, MNAV (nominal net asset value) drops, and financing difficulties. The report notes that only a few companies with strong execution, differentiated strategies, and the ability to continuously increase BTC per share can maintain an MNAV premium and survive in the long term. Although most companies currently rely on equity financing, which reduces systemic risk, a rise in debt financing could trigger the next crypto bear market. (Cointelegraph)
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