Opinion: The Bitcoin financial sector is showing significant divergence; some companies relying on speculation are finding it unsustainable.

CoinFeed reported on May 30th, citing Cointelegraph, that Bitcoin treasury companies are increasingly polarizing, falling into two categories: those with mature financial planning and those relying solely on hype and promotion to attract funds. Sean Bill, co-founder of BSTR, pointed out that many of these companies have flawed capital structures and lack actual operational capabilities in Bitcoin, overly depending on price performance. He likened these companies to "street vendors," stating that if they cannot leverage value creation, investors will turn to more stable products like Bitcoin ETFs. Data shows that 198 publicly listed companies currently hold approximately 1.25 million Bitcoins, with Strategy holding 843,738, far exceeding other companies in this category.