Bitcoin treasury companies like Strategy have entered a "Darwinian phase," with premiums plummeting.

According to Odaily Odaily, the premium (the difference between a company's market capitalization and the value of its Bitcoin holdings) for publicly traded companies holding significant amounts of Bitcoin has fallen sharply over the past year. The stock prices of companies like Strategy and Hut 8 have shown a stronger correlation with Bitcoin prices. This trend suggests that the market is increasingly viewing these companies as alternative investments to Bitcoin, rather than high-growth potential tech stocks. MicroStrategy's premium has fallen from a high of 120% in March 2023 to around 10% currently. Other Bitcoin companies have seen similar declines in their premiums. Analysts believe that with the launch of Bitcoin ETFs and increased corporate governance and financial transparency, these companies are entering a "Darwinian phase," where their valuations will increasingly depend on their core business performance and management efficiency, rather than simply their Bitcoin holdings. (Cointelegraph)