币界网报道：Bitcoin Treasury Companies Face Survival Test Amid Market Volatility Several publicly traded companies that hold Bitcoin as part of their treasury reserves are now facing significant financial strain due to the cryptocurrency's prolonged price slump. MicroStrategy, the largest corporate holder of Bitcoin, reported a $1.5 billion impairment loss in Q2 2023, while other firms like Tesla and Block have also seen substantial markdowns on their holdings. Analysts warn that continued market volatility could push some of these companies toward liquidity crises, especially those that leveraged debt to accumulate Bitcoin. MicroStrategy CEO Michael Saylor remains bullish, stating the company has no plans to sell its 152,800 BTC despite the downturn. However, critics argue that overexposure to a single volatile asset poses long-term risks for shareholders. Smaller firms like Marathon Digital and Riot Blockchain, which hold Bitcoin as part of their mining operations, are also under pressure as mining profitability declines. The situation highlights the challenges of corporate Bitcoin adoption, with some experts suggesting diversified treasury strategies to mitigate risk. Regulatory scrutiny is increasing as well, with the SEC questioning whether companies are adequately disclosing crypto-related risks to investors. The coming months will test whether Bitcoin treasury strategies can withstand further market turbulence or if companies will be forced to unwind their positions.