The days of Bitcoin treasury concept stocks are becoming increasingly difficult. Among the top 100 Bitcoin treasury companies, at least 37 (about 40%) have seen their stock prices drop below the actual value of the Bitcoin they hold—this is the so-called NAV discount phenomenon.

Macro analyst Alex Kruger describes this situation as a "distorted structure," comparing it to the collapse of the 2020 Grayscale Bitcoin Trust premium. At that time, Grayscale, as a leading Bitcoin trust product, also experienced a severe divergence between its stock price and fundamentals, and everyone knows what happened next.

Now, a similar play is unfolding again. The value of the Bitcoin held by these companies is at this level, but their listed stock prices are even cheaper—on the surface, it seems like a bargain, but this disparity also reflects market concerns about the future of these treasury companies.