A report by venture capital firm Breed highlights the precarious position of Bitcoin fund management companies in 2025. The report warns that many of these firms may enter a 'death spiral' due to declining Bitcoin prices, reduced nominal net asset value (MNAV), and financing challenges. Only companies with robust execution, unique strategies, and consistent BTC per share growth are expected to maintain an MNAV premium and survive long-term. The report also notes that while most firms currently mitigate systemic risks through equity financing, an increase in debt financing could precipitate another crypto bear market. This underscores the importance of strategic financial management for Bitcoin reserve strategy companies to navigate the volatile crypto landscape.