According to the source, TD Cowen analyst Lance Vitanza stated in a client note that share prices of Bitcoin treasury firms have fallen below a key threshold, signaling pressure on BTC proxy exposure. source: TD Cowen research note by Lance Vitanza. For traders, TD Cowen’s observation highlights the need to monitor how these equities track spot BTC, particularly any premium or discount to implied Bitcoin holdings when sizing positions and hedges. source: TD Cowen research note by Lance Vitanza.