Report: Most Bitcoin reserve strategy companies may fall into a "death spiral", and only a few can survive

Odaily News According to a report released by venture capital firm Breed, Bitcoin fund management companies have become the focus of crypto trends in 2025, but most projects may fall into a "death spiral" due to price declines, MNAV (nominal net asset value) declines and financing difficulties. The report pointed out that only a few companies with strong execution, differentiated strategies and continuous improvement of BTC per share can maintain MNAV premium and survive in the long run. Although most companies currently rely on equity financing to reduce systemic risks, if the proportion of debt financing increases, it may trigger the next round of crypto bear market. (Cointelegraph)