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

According to ChainCatcher, the price of bitcoin dropped from a high of $126,000 to the $80,000 range, causing Bitcoin Treasury Companies (DAT) to enter the "Darwin phase," with equity premiums collapsing, leverage becoming a burden, and most DAT stocks turning to discount trading.

A Galaxy Research report pointed out that some companies, such as NAKA, have plummeted 98% from their peak, while Strategy has raised $1.44 billion in cash reserves to cope with market volatility.