Crypto treasury firms are facing a $130 billion “value reckoning” as spot Bitcoin and Ethereum ETFs reshape how investors access digital assets. For years, Digital Asset Treasury (DAT) companies like MicroStrategy (now Strategy) and Metaplanet traded at hefty premiums because they offered one of the few regulated ways to gain Bitcoin exposure via corporate balance sheets.

Bitcoin price prediction turned mixed after Galaxy Digital cut its 2025 BTC target to $120,000 from $185,000, citing leveraged liquidations, whale distribution of over 400,000 BTC, and tighter market liquidity. Despite the downgrade, Galaxy’s research head Alex Thorn framed this as part of Bitcoin’s “maturity era,” noting the broader bull market remains intact while BTC holds above the key psychological $100,000 level.

BlackRock’s spot Bitcoin ETF (IBIT) has surpassed the firm’s flagship S&P 500 ETF (IVV) in annual fee revenue, despite being much smaller in total assets. IBIT, with an expense ratio of 0.25% and about$75 billion in assets under management, has generated$187.2 million in annual fees—roughly$100,000 more than IVV, which manages$624 billion but charges a much lower 0.03% fee.

Bitcoin ETFs remain controversial due to regulatory uncertainties and volatility risks, challenging investor trust and adoption.