Bitcoin treasury companies enter the "Darwin phase," Galaxy warns of premium collapse

According to ChainCatcher, the price of Bitcoin has dropped from its peak of $126,000 to the $80,000 range, causing Bitcoin treasury companies (DAT) to enter the “Darwin phase,” with equity premiums collapsing and leverage becoming a burden. Most DAT stocks have shifted to trading at a discount. A Galaxy Research report points out that some companies, such as NAKA, have plunged 98% from their peak, while Strategy has raised $1.44 billion in cash reserves to cope with market volatility.