Bitcoin treasury companies are undergoing valuation reassessments as market participants move away from inflated NAV premiums towards more transparent holdings and disciplined risk management. In 2025, investors are increasingly demanding governance, cash flow, and verifiable returns, focusing on long-term value creation rather than hype-driven valuations. Analysts observe that firms are enhancing liquidity buffers, refining hedging strategies, and improving disclosures to meet these new investor expectations. The industry is prioritizing substance over spectacle, with independent audits and transparent reporting becoming crucial for maintaining credibility.