Morning Edition · Friday, July 10, 2026Published at 1:23 AM EDT · New York
Bitcoin ETF and Private-Credit Outflows Test the Debt-Funded Treasury Model
Second-quarter redemption requests in private credit reached $15.6 billion, far exceeding exchange-traded fund outflows, as Bitcoin-backed preferred shares face their first stress.
Outflows are building across the vehicles that channel institutional money into Bitcoin. Redemption requests in the roughly $2 trillion private-credit market surged to $15.6 billion in the second quarter, CoinDesk reported, an amount that e…
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Leveraged Bitcoin Treasury Vehicles Show Financing Strain
Over ~3-9 months, Bitcoin treasury companies face mounting financing stress as their funding instruments trade below par on dividend-coverage doubts, testing the sustainability of the debt/preferred-funded accumulation model.
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