I don't think the corporate Bitcoin treasury model is dead. I think the market is exposing the difference between companies that genuinely believe in $BTC and those that simply copied Michael Saylor's playbook. When Bitcoin treasury companies trade at a premium, they can raise capital, issue shares, or use debt to accumulate more BTC. As long as investors are willing to pay that premium, the strategy looks brilliant. But what happens when the premium disappears? Share prices fall, raising fresh capital becomes more difficult, debt obligations remain, and companies may find themselves selling the very asset they promised to hold for the long term. That's where the problem lies. You cannot build a sustainable treasury strategy on market hype alone. If your entire business model depends on investors continually valuing your shares above the Bitcoin you hold, you are exposed when sentiment changes. The recent selling also raises an important question: are these companies selling because they have lost confidence in Bitcoin, or because their financial structures leave them with little choice? Those are two very different situations. I also believe we should distinguish between companies making strategic decisions to reduce debt and those abandoning the treasury model altogether. My biggest takeaway is this: Bitcoin conviction without sound financial management is not enough. Strategy has built its approach around capital markets and Bitcoin accumulation, but not every company has the same access to capital, risk tolerance, or ability to survive a prolonged bear market. The next phase of corporate Bitcoin adoption may be less about who can accumulate the most BTC and more about who can hold it without putting the entire business at risk. The model isn't necessarily broken. But the companies that copied it without understanding the risks are learning an expensive lesson. In the long run, financial discipline may matter just as much as Bitcoin conviction. Shalom 🙏