<p><img src="https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy85ZTE5ZTFlMjg0ODY0MGEyNGU1YjI0NDI0ZmM3MzRlNi5qcGc=.jpg" alt="The Bitcoin treasury model is breaking, but Strategy’s isn’t. Here’s why "></p><p>As Bitcoin treasury bets stumble in 2025, Strategy thrives with disciplined capital, mNAV premiums and long-term focus.</p>