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Morning Edition · Tuesday, July 21, 2026Published at 1:29 AM EDT · New York
Bitcoin Treasury Firms Hoard Cash and Buy Back Stock Instead of Coins as Financing Strain Shows
Strategy raised its dollar reserve above $3.2 billion without adding Bitcoin for a second straight week, while Capital B plans a reverse stock split and Bitmine slowed ether purchases to repurchase shares.
The corporate vehicles built to accumulate crypto are shifting from buying coins to strengthening their finances. Michael Saylor's Strategy sold $263.5 million of stock and raised its dollar reserve past $3.2 billion without buying Bitcoin…
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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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