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According to Cryptonews, Matthew Sigel, head of digital asset research at VanEck, has warned that the strategy of listed companies using Bitcoin as a treasury asset is facing risks. When the stock price approaches its net asset value (NAV) of Bitcoin holdings, continuing to raise funds through issuing additional stocks to purchase Bitcoin may lead to dilution of shareholder equity. Taking medical technology company Semler Scientific as an example, although it holds 3808 BTC (approximately $405 million), its stock price has fallen by over 45% this year, and its current market value is only $435 million, with a stock price/NAV ratio dropping to 0.82 times. Sigel suggests that companies establish a risk control mechanism: if the stock price is below 0.95 times the NAV for 10 consecutive days, financing should be suspended, and a strategic review should be conducted on the decoupling phenomenon between Bitcoin holdings and stock prices. He specifically pointed out that executive compensation should be linked to the growth of net asset value per share, rather than simply pursuing the size of Bitcoin holdings, in order to avoid repeating the mistakes of cryptocurrency mining companies that excessively issue stocks and harm shareholder interests.