Bitcoin's recent 7% price increase to approximately $94,000 has failed to significantly improve the market-to-net-asset value (mNAV) ratios of digital asset treasuries. Despite the rally, nearly 40% of the top 100 Bitcoin treasuries continue to trade below their net asset value, with many having purchased Bitcoin at prices exceeding six figures. The sector added 30,000 Bitcoin in December, now holding nearly 1.1 million Bitcoin, but remains under pressure as stock prices lag behind Bitcoin's gains. Analysts, including Satish Patel from CoinShares, suggest that the Bitcoin treasury trade is becoming more selective, with only a few companies likely to benefit from the current market dynamics. Companies like Strategy, which holds over 640,000 Bitcoin, are better positioned due to their liquidity and capital market access. Meanwhile, weaker firms may use the rally as an opportunity to exit, highlighting the divide between strong and struggling companies in the sector.