# Leveraged Bitcoin Treasury Vehicles Show Their Financing Strain

A sharp decline in crypto-linked credit instruments, blamed on forced liquidations, exposes the leverage built into the model of buying Bitcoin with borrowed money.

- Published: 2026-06-19T10:30:25.546Z
- Canonical: https://polylog.news/crypto/2026-06-19/leveraged-bitcoin-treasury-vehicles-show-their-financing-str
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [Bitcoin Magazine](https://bitcoinmagazine.com/markets/strc-is-junk-credit-in-a-bitcoin-costume-and-retail-is-holding-8-8-billion-of-it), [CoinDesk](https://www.coindesk.com/markets/2026/06/19/digital-credit-market-hit-by-record-selloff-as-strive-ceo-blames-leverage-liquidations), [CoinDesk](https://www.coindesk.com/markets/2026/06/19/live-markets-bitcoin-has-traded-below-its-mining-cost-for-five-months-squeezing-miners)

The funding instruments behind Bitcoin treasury companies came under clear pressure this week. Strive chief executive Matt Cole attributed a sharp drop in the STRC and SATA instruments to forced selling by leveraged investors, with both fal…

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