Internet reports that according to a report by venture capital firm Breed, only a few Bitcoin treasury companies can withstand the test of time and avoid falling into a "death spiral"-a vicious cycle that will severely affect Bitcoin holding companies whose transaction prices are close to net asset value (NAV, which is the company's total assets minus liabilities). The report authors point out that the health of the Bitcoin vault company depends on its ability to maintain a transaction multiple (MNAV) above the net asset value. Breed's report lists seven stages of Bitcoin vault's decline, which usually begins with a decline in the price of Bitcoin, causing MNAV to decline, which in turn causes the company's share price to approach its real net asset value (NAV).