最新报道：According to a Bloomberg report on September 10th, of the over 100 companies purchasing cryptocurrencies for their treasuries, most were founded this year, many of them small companies that recently changed their names overnight. Despite this, the crypto treasury craze hasn't completely subsided, and some companies are still profiting from the speculative wave. Eightco Holdings Inc.'s stock price soared 3,000% on Monday after it announced plans to purchase Worldcoin and appointed Wall Street analyst Dan Ives to its board of directors. For some companies, the appeal is clear: packaging a publicly traded company offers cryptocurrency exposure and potential leveraged returns while using the familiar stock format. In some cases, this model still commands high premiums. However, this trading format is becoming crowded: too many companies are rushing in, with little value beyond the tokens they hold, and as prices decline, the confidence supporting these premiums is beginning to falter. New data suggests that this model may be losing momentum under its own weight—both in terms of market sentiment and the actual pace of Bitcoin purchases. Strategy Inc. and its Japanese counterpart, Metaplanet Inc., two of the most prominent digital asset treasuries (DATs), have recently seen their stock prices decline after soaring over the past year, demonstrating that even market leaders are not immune to shifting sentiment. Some in the industry have begun discussing potential consolidation, especially as weaker companies continue to struggle and stronger firms begin to view their peers' token holdings as acquisition targets. Whether this new funding ecosystem can sustain this model or merely stave off its decline remains unclear. At present, the next phase likely won't be a dramatic collapse, but rather a gradual decline—a slow decline in stock prices and a stagnation in token purchases.