Why Crypto‑Treasury Stocks Can Underperform Bitcoin
Crypto‑treasury stocks often crash much harder than Bitcoin itself during risk‑off periods—not because Bitcoin is weaker, but because these stocks embed equity leverage, financing risk, and broader market exposure. They are hit by a double beta (crypto volatility + equity sell‑offs), while Bitcoin, with no balance sheet or debt, avoids many of these structural pressures.
2026/01/07