The entire idea of "Bitcoin Treasury" companies is absurd.
Satoshi would absolutely disapprove.
What we really need is Bitcoin ETFs that you can exchange for actual Bitcoin.

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The macroeconomic environment we are familiar with is changing.

Luke Gromen: Why I Sold Most of My Bitcoin at the End of 2025

According to ME News, on December 28th (UTC+8), Coinbob's hot address monitoring showed that the "alt short seller" transferred $2 million to Hyperliquid yesterday and then established a short position in ZEC around $446. The current position size is approximately $1.32 million, with an average price of $479, and the address is still adding to its position as of press time. This address had already liquidated its positions in MON, ZEC, and Trump before Christmas this week, and significantly closed out its short positions in ASTER, UNI, PUMP, and other cryptocurrencies...

The "fake short seller" returned to the short after the holiday to add to short positions, profiting from previously closed short positions in UNI, ZEC, etc. at low points.

Polymarket 2025 Six Profitable Models In-Depth Report: Starting with 95 Million On-Chain Transactions

Custody. Not mNav. Not btc yield. Not Bitcoin Banks.

There is nothing "peer to peer" about MSTR, MSTY, STRF, STRK, and STRD.
These are all just mutant financial creatures.