The biggest boom of 2025 is now a bust, with 37 of the top 100 Bitcoin treasury companies trading at discounts below their net asset value, totaling nearly 40%. The premium era for treasuries has ended, with only one outperforming the S&P 500 in 2025. Analysts predict consolidation as weaker treasuries may be acquired by stronger ones. Companies trading below NAV cannot issue stock without destroying shareholder value, leading to a stagnant and uncertain future for Bitcoin treasuries.

Read more at Yahoo Finance: Bitcoin treasury slump deepens as 40% trade at discount: ‘It’s an abomination’