POPA ReconThe "buy crypto, become a treasury company" strategy is deep underwater
The "buy crypto, become a treasury company" strategy is deep underwater 20 of 22 digital-asset treasuries are sitting on unrealized losses, about $30B combined at today's prices. Strategy (−$9.8B) and Bitmine (−$8.9B) carry 61% of the pain alone. The only two names in profit? Both hold HYPE, not BTC or ETH.
The excerpt is quoted from a public Telegram channel, which owns its text.