PANews reported on July 5 that Glassnode chief analyst James Check tweeted that the Bitcoin treasury strategy is much shorter than most people expected, and it may have ended for many new entrants. This is not "a measurement competition", the key lies in the sustainability of a company's products and strategies in the long-term Bitcoin market. Check said that newly established Bitcoin treasury companies are facing an uphill battle as investors favor early adopters. "No one wants to be the 50th treasury company."