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.