From Cointelegraph

June 28, 2025 4:30 pm:

Bitcoin treasury companies face a potential “death spiral” if trading close to net asset value, per VC firm Breed. The decline starts with a drop in Bitcoin price, triggering a decline in MNAV. Companies may struggle to secure financing, leading to market downturns and consolidation. Strong leadership and strategies are key to survival.

The death spiral could lead to a crypto bear market, but most Bitcoin treasury companies currently use equity financing, limiting broader market impact. However, a shift to debt financing could change the forecast. Michael Saylor’s Strategy popularized the BTC corporate treasury concept, with over 250 organizations now holding Bitcoin.

Bitcoin treasury companies are a major trend in 2025, with Strategy leading the way since 2020. Various entities now hold Bitcoin, including corporations, government bodies, ETFs, pension funds, and digital asset service providers. Baby boomers worth $79 trillion are also embracing Bitcoin.

Read more at Cointelegraph: Only a handful of Bitcoin treasury companies will survive: Report