Bloomberg: Crypto Treasury Strategy Turns From Frenzy to Doubt, Strategy Model Frustrated

After surging over the past year, shares in Strategy and its Japanese counterpart Metaplanet have also fallen recently, suggesting that even the leaders are not immune to changing market sentiment at a time when crypto treasury strategies are shifting from buzz to doubt and the Strategy model is struggling. For some companies, the appeal is clear: packaging as a public company offers cryptocurrency exposure and potential leverage gains, while using stock formats familiar to investors. In individual cases, this model still earns a high premium. But the way of trading is becoming crowded: too many companies are swarming in with little value other than the tokens they hold, and the confidence that underpins these premiums is starting to falter as prices slide.