Galaxy Says Crypto DAT Firms Are Entering A “Darwinian Phase” As Premiums Expire
Bitcoin treasury firms have entered a Darwinian phase as equity premiums collapse, leverage turns risky, and survival depends on liquidity. Bitcoin treasury firms have moved into a so-called “Darwinian phase” after equity premiums collapsed across the board. This trend has changed how these companies grow, borrow and survive. Once easy gains disappeared, risk rose...
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