Bitcoin treasury firms are entering a “Darwinian phase” as equity premiums collapse, leverage turns into downside and DAT stocks flip to discounts, Galaxy warns. Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming business model break down, according to a new analysis from Galaxy Research. The report said that the digital asset treasury (DAT) trade has reached its natural limit as equity prices fell below Bitcoin (BTC) net asset value (NAV), causing the issuance-driven growth loop to reverse and turning leverage into a liability.That breaking point arrived as Bitcoin dropped from its October peak near $126,000 to lows around $80,000, triggering a sharp contraction in risk appetite and draining liquidity across the market. The October 10 deleveraging event accelerated the shift, wiping out open interest across futures markets and weakening spot depth. Read more Bitcoin treasury firms are entering a “Darwinian phase” as equity premiums collapse, leverage turns into downside and DAT stocks flip to discounts, Galaxy warns. Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming business model break down, according to a new analysis from Galaxy Research. The report said that the digital asset treasury (DAT) trade has reached its natural limit as equity prices fell below Bitcoin (BTC) net asset value (NAV), causing the issuance-driven growth loop to reverse and turning leverage into a liability.That breaking point arrived as Bitcoin dropped from its October peak near $126,000 to lows around $80,000, triggering a sharp contraction in risk appetite and draining liquidity across the market. The October 10 deleveraging event accelerated the shift, wiping out open interest across futures markets and weakening spot depth. Read more