Topic: #corporate-treasury
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Bitcoin Treasury Firms: Leverage Amplifies Gains and Losses Alike
179 listed companies now hold Bitcoin on their balance sheets, using leverage and capital raises to amplify returns. But the structure that magnifies gains in bull markets can devastate shareholders in downturns—a lesson the 50 largest treasury firms learned when they lost $83 billion since July 2025.
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JPMorgan warns MicroStrategy bitcoin sales create two-way market risk
JPMorgan analysts said MicroStrategy's policy of selling bitcoin to fund preferred dividends introduces unnecessary volatility into crypto markets. The bank recommends equity issuance instead to build a 24-36 month cash buffer.