Bitcoin treasury firms are struggling to replicate the success of Strategy, as simply holding bitcoin is proving insufficient. Over the past three months, these firms have faced significant investor capital drawdowns and share price collapses, exacerbated by recent BTC volatility. Experts attribute these challenges to structural flaws, poor governance, and high operational costs. Bryan Trepanier of On-Demand Trading Inc. notes that markets are penalizing firms for weak execution and lack of transparency. Meanwhile, Mete AI of ICB Verse points out the risks associated with stock issuance dilution. In contrast, Strategy's use of convertible debt has preserved equity, providing a more credible BTC proxy. Experts suggest that future treasury firms must integrate Web3 strategies with asset management discipline to achieve success.