Bitcoin Treasury Companies are experiencing increased valuation pressure, with at least 37 of the top 100 companies seeing their stock prices fall below the net asset value (NAV) of their Bitcoin holdings. This represents approximately 40% of these companies. Macro analyst Alex Kruger described this trend as a "distorted structure," drawing parallels to the situation before the 2020 Grayscale Bitcoin Trust premium collapse. With stock prices below NAV, these companies face challenges in raising capital through stock issuance without diluting shareholder value, effectively stalling their treasury expansion models. Leading companies, including MicroStrategy, are currently trading at a discount of about 17%. The market anticipates potential consolidation and mergers in this sector.