After long being regarded as a major driver of institutional capital into crypto, the Treasury model shows cracks as buying demand drops sharply, many companies trade below their mNAV, and the risk of forced asset sales looms. These signs suggest that the “treasury play” is no longer an unbeatable strategy, but could evolve into a systemic risk for BTC and ETH. Crypto Treasury Lost Magic? According to analyst Caprioleio, the pace of purchases by Bitcoin Treasury Companies (publicly traded firms that accumulate BTC as treasury assets) has slowed considerably. These firms are still buying, but daily purchases’ “frequency” and “intensity” have fallen compared to prior peaks
source: https://beincrypto.com/the-shaking-confidence-in-treasury-strategy-it-slowes-down-now/