Bitcoin treasury companies now trade at a discount to net asset value, with 40% below NAV. Institutional critics like VanEck CEO Jan van Eck and analyst Herb Greenberg label the sector a "publicity-driven trend" and "quasi-Ponzi scheme." Companies must shift from passive accumulation to active management.
Promoters rely on equity issuance to buy Bitcoin, but this strategy fails as market sentiment wanes. Asset managers treat Bitcoin as a commodity, using basis trades and options to generate real yield. Only those adopting disciplined trading will survive.