Bloomberg: Strategy model falters, encryption treasury craze turns to skepticism

On September 10, Bloomberg reported that among the more than 100 companies purchasing Crypto Assets for their treasuries, most were established this year, many of which are small companies that recently rebranded overnight. Nevertheless, the crypto treasury craze has not completely faded, and some companies continue to profit from the speculative wave. Eightco Holdings Inc. saw its stock price big pump 3000% on Monday after announcing plans to purchase Worldcoin and appointing Wall Street analyst Dan Ives to its board. The appeal is evident for some companies: packaging in the form of a public company can provide exposure to Crypto Assets and potential leveraged returns, while using a stock format familiar to investors. In individual cases, this model can still achieve a high premium. However, this trading method is becoming crowded: too many companies are rushing in, with almost no other value besides the held Tokens, and as prices fall, the confidence supporting these premiums begins to waver. New data suggests that this model may be losing momentum due to its own load—not only in market sentiment but also reflected in the actual speed of Bitcoin purchases. Strategy and its Japanese counterpart Metaplanet Inc., the two most well-known digital asset treasury (DAT) companies, have also seen declines after their stock prices soared over the past year, indicating that even market leaders cannot escape the impact of changing sentiment. Some industry insiders have started discussing potential consolidation, especially as weaker companies continue to struggle while stronger companies begin to view their peers' Token Holdings as acquisition targets. Whether this new financing ecosystem can sustain the model or simply delay its decline remains unclear. For now, the next phase may not be a dramatic collapse but a gradual decline—with stock prices slowly falling and Token purchases stalling.