Bitcoin treasury companies are reevaluating their business models following a significant collapse in equity premiums to net asset value in late 2025. This structural reversal, highlighted by Galaxy Digital, was exacerbated by an October deleveraging event that led to sharp declines in open interest and liquidity. Key players like Strategy (MSTR) saw their multiples to net asset value fall below 1.0, while Metaplanet and Nakamoto (NAKA) faced severe compression in mNAV. The downturn has turned unrealized profits into losses as Bitcoin prices fell from $126,000 to approximately $90,000. Galaxy Research has cautioned that the treasury model now resembles a path-dependent instrument, with future outcomes heavily reliant on issuance strategies and the health of balance sheets.