Bitcoin Is Surging, But Investors Are Still Worried About Bitcoin Treasury Companies. Here's Why They're Right.

While Bitcoin has surged 24% this month, Bitcoin treasury companies like Strategy (MSTR) face investor skepticism. Strategy's premium to its Bitcoin holdings has collapsed from 3.89 to 1.06, reflecting concerns about the business model. These companies, which exist solely to accumulate Bitcoin through debt and equity issuance, perform well in bull markets but suffer amplified losses in downturns. The article argues there's no long-term value in companies built entirely around cryptocurrency ownership, especially after several were forced to sell Bitcoin near market lows in 2026.