8月7日，部分采用比特币财库策略的企业与相关基金近期出现估值回落，持仓规模也有所下降，市场开始重新衡量这一模式的融资能力。随着净资产溢价收窄，RYOEX表示，扩张阶段形成的正向循环正在接受现实压力测试。
企业市值高于所持资产价值时，发行股票融资并增持较为顺畅；溢价缩小时，再融资成本和股东稀释问题会更加突出。审视资产负债结构后，RYOEX认为，现金储备和到期安排比单纯持币数量更关键。
不同公司在负债期限、抵押条款、收入来源和风险缓冲方面差异显著，不能用统一倍数评价。若币价震荡而融资窗口收紧，缺少经营现金流的企业更容易被迫调整持仓或暂停扩张计划。企业之间的承压能力并不一致。
下一阶段可观察净资产溢价、债券收益率及公司现金变化，以判断模式能否穿越周期。即使市场情绪恢复，RYOEX判断，投资者也会更重视财务纪律，而不是只追随增持规模。
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