Investment firm closes short position on Strategy, largest Bitcoin holding company. Shares in Bitcoin treasury companies may see end of bear market. Strategy shares down 50% from 2025 high, mNAV at 1.23x. MSTR’s implied premium drops from $70B to $15B. Analysts doubt sustainability of Bitcoin treasury strategies. Market cap of Strategy falls 43% to $69.5B, Metaplanet down 56% since June. Some companies selling BTC to pay debt. US government shutdown ending could ease crypto market pressure. Bitcoin bounces 2% to $106,430 after news of government reopening.

Read more at Cointelegraph: Bitcoin Treasury Bear Market May Be Nearing Its End