Bloomberg: The encryption treasury strategy shifts from a boom to skepticism, with the Strategy model struggling.

Odaily News Strategy and its Japanese counterpart Metaplanet's stock price has plummeted recently after soaring in the past year, indicating that even leaders are not immune to changes in market sentiment. The current crypto treasury strategy is shifting from a frenzy to skepticism, and the Strategy model is struggling to progress. For some companies, the appeal is evident: packaging as a publicly listed company can provide exposure to crypto assets and potential leveraged returns, while using a stock format familiar to investors. In some cases, this model can still achieve a high premium. However, this trading method is becoming crowded: too many companies are rushing in, with little value beyond the tokens held, and as prices decline, the confidence supporting these premiums begins to waver. (Bloomberg)