Digital asset treasury stocks enter ‘Darwinian phase’ after October BTC crash

Yahoo Finance reports that Bitcoin’s sharp October reversal has pushed many crypto‑treasury companies into deep unrealized losses and widened discounts to their underlying holdings. Strategy (Saylor’s firm) has been at the center of the storm, prompting warnings that an MSCI index exclusion could cause ‘chaos’ and amplify downside if BTC’s slide accelerates.