Report: Most Bitcoin reserve strategy companies are likely to fall into a "death spiral", with only a few able to survive.

Odaily News According to a report released by venture capital firm Breed, Bitcoin fund management companies have become the focus of the 2025 encryption trend, but most projects may fall into a "death spiral" due to price declines, a drop in MNAV (Market Net Asset Value), and financing difficulties. The report points out that only a few companies with strong execution, differentiated strategies, and a continuous increase in each share of BTC can maintain MNAV premiums and survive in the long term. Although most companies currently rely on equity financing, which alleviates systemic risks, if the proportion of debt financing rises, it may trigger the next round of the crypto bear market. (Cointelegraph)