比特幣財庫公司（Bitcoin Treasury Companies）面臨的估值壓力正持續加劇，目前全球前100大比特幣財庫公司中，至少有37家（約占40%）的股價已跌破其持有的比特幣淨資產價值（NAV）。宏觀分析師亞歷克斯·克魯格（Alex Kruger）將此種市場格局稱為「畸形結構」，並類比為2020年灰度比特幣信託（Grayscale Bitcoin Trust）溢價崩盤前的狀況。由於股價低於淨資產價值，這些公司若要透過增發股票融資，勢必會稀釋股東權益，其財庫擴張模式已基本宣告失效。包括微策略（MicroStrategy）在內的多家龍頭企業，當前股價折價幅度約達17%，市場普遍預期，該領域有望進入整合與併購階段。

The valuation pressure facing Bitcoin Treasury Companies continues to intensify. Currently, among the world's top 100 Bitcoin Treasury Companies, at least 37 (accounting for approximately 40%) have seen their stock prices fall below the Net Asset Value (NAV) of their held Bitcoin. Macro analyst Alex Kruger described this market pattern as a 'distorted structure' and compared it to the situation before the premium collapse of the Grayscale Bitcoin Trust in 2020. Since stock prices are lower than the net asset value, if these companies want to raise funds through equity issuance, it will inevitably dilute shareholder equity, and their treasury expansion model has basically declared failure. Many leading enterprises, including MicroStrategy, currently have a stock price discount of about 17%, and the market generally expects that the sector is expected to enter a stage of consolidation and mergers and acquisitions.