Bitcoin outperforms U.S. Treasury bonds, strategy stocks fall to five-month low

Strategy, a former leader in corporate Bitcoin adoption, faces investor doubts as its stock price lags behind Bitcoin’s performance, falling from a July high of more than $500 to around $326. As the stock price gradually moves closer to the value of Bitcoin it holds, the company's premium valuation model is under threat. Metaplanet is facing a similar dilemma, with its share price falling more than 60% since June. Analysts warn that the industry will face wider pressure, with one-third of Bitcoin money management companies trading below the value of their holdings, facing risks of forced sell-offs and market pressure.