after a year of soaring, the stock prices of Strategy and its Japanese counterpart Metaplanet have recently experienced a decline. This indicates that even leaders are not immune to the impact of market sentiment changes. Currently, the cryptocurrency treasury strategy is shifting from a trend to questioning, and the Strategy model is struggling. For some companies, the appeal is obvious: the packaging in the form of a listed company can provide exposure to cryptocurrencies and potential leveraged returns, while using the familiar form of stocks for investors. In individual cases, this model can still command a premium. However, this trading method is becoming crowded: too many companies are rushing in, with little value other than the tokens they hold, and as prices fall, the confidence supporting these premiums begins to waver.