币界网报道：Franklin Templeton Digital Assets analysts highlight risks in the corporate crypto treasury boom, warning of a potential negative feedback loop if crypto prices decline. Public firms, inspired by MicroStrategy's model, are raising capital via equity and convertible notes to hold Bitcoin, Ethereum, and Solana—135 companies now hold BTC alone. While volatility enables premium fundraising and staking boosts revenue, a market-to-NAV drop below 1 could trigger dilution and asset sales, exacerbating downturns. Analysts caution that maintaining NAV premiums and navigating volatility are critical for long-term success, as prolonged bear markets may spiral these high-risk investments. Coinbase Institutional's David Duong also flagged potential systemic risks from leveraged corporate crypto buying.