Why have Bitcoin treasuries stopped their relentless buying?

Core Insights - The Bitcoin treasury boom is experiencing a significant slowdown, with public companies adding only 14,400 Bitcoin worth approximately $1.4 billion in October, marking a 63% decline from September's total of 38,035 Bitcoin [1] - The market capitalization to Bitcoin holdings ratio (mNAV) for companies has decreased from 1.8x in May to 1.1x, indicating a loss of premium that previously made Bitcoin treasuries attractive [2][4] - The influx of companies entering the Bitcoin treasury market has led to oversaturation, with over 200 public companies now holding Bitcoin, up from just a few in 2020 [5] Company Performance - Strategy's mNAV has fallen significantly, reflecting broader issues in the sector, with prominent companies like MetaPlanet and Sequans Communications facing substantial losses on their Bitcoin investments [2][4] - Some companies are experiencing severe stock price declines, with Nakamoto Holdings' shares dropping from $35 to under $1 after a merger, highlighting the volatility in the market [6][7] - Sequans Communications had to implement complex accounting measures to avoid delisting from the New York Stock Exchange due to its stock price falling to penny stock levels [7]