Bloomberg: Crypto Treasury Strategies Shift from Hype to Doubt as Strategy Models Face Setbacks

Jinse Finance reported that after the stock prices of Strategy and its Japanese counterpart Metaplanet soared over the past year, they have recently experienced declines, indicating that even industry leaders are not immune to shifts in market sentiment. Currently, the crypto treasury strategy is shifting from hype to skepticism, and the Strategy model is facing difficulties. For some companies, the appeal is obvious: packaging as a listed company can provide exposure to cryptocurrency and potential leveraged returns, while using a stock format familiar to investors. In certain cases, this model can still command a high premium. However, this type of trading is becoming crowded: too many companies are rushing in, offering little value beyond the tokens they hold. As prices fall, confidence supporting these premiums is beginning to waver.