Bitcoin treasury firms enter a ‘Darwinian phase’ as premiums collapse: Galaxy Bitcoin treasury firms are entering a “Darwinian phase” as equity premiums collapse, leverage turns into downside and DAT stocks flip to discounts, Galaxy warns. Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Filed under: Altcoins - @ December 6, 2025 8:00 am