Michael Saylor's Bitcoin-focused strategy, which has significantly boosted his company's stock and inspired numerous imitators, is now facing increased scrutiny and declining performance. Strategy Inc. has accumulated 639,835 BTC, investing $100 million for an additional 850 BTC, with its stock down about 4% over the past month, underperforming Bitcoin which has gained 3%. The company's aggressive Bitcoin purchases, funded mainly through debt, have driven a 2,800% surge in its stock since inception, but recent doubts have emerged about its sustainability. Critics, including legendary short seller Jim Chanos, argue that the company's stock valuation exceeds Bitcoin’s, raising questions about its business model. Many imitator firms, such as Metaplanet and Kindly MD, have experienced steep share declines, with some companies' market caps falling below their Bitcoin holdings, indicating investor skepticism. Analysts warn that the saturation of Bitcoin treasury strategies and waning implied volatility in bonds threaten Strategy’s future funding options, especially if Bitcoin prices decline. Smaller companies mimicking Strategy's model, often without core operations, are likely to struggle further. Despite these challenges, some firms like American Bitcoin and GameStop have seen recent gains, and institutional investors like Norway’s Norges Bank and CalPERS continue to hold significant shares of Strategy. The overall sentiment suggests a potential reversal in the Bitcoin treasury stock craze, with experts cautioning about the risks of overvaluation and the need for sustainable business fundamentals.