最新报道:Bitcoin treasury companies like MicroStrategy and MARA Holdings are underperforming despite Bitcoin's institutional demand surge to $414 billion AUM in 2025. While 125 public firms now hold 847,000 BTC, treasury firms face share dilution, regulatory shifts, and competition from ETFs, with one-third trading below net asset value. Purchase volumes slumped 86% from early 2025, signaling market fatigue despite Bitcoin's long-term bullish fundamentals.