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Morning Edition · Wednesday, July 29, 2026Published at 1:31 AM EDT · New York
Bitcoin Treasury Firms Keep Buying as a New Metric Reframes the Case for Preferred-Stock Buybacks
Core Scientific and Hyperscale added coins in the second quarter, while Strategy's STRC buyback math shifts the debate to net Bitcoin per share.
Publicly traded companies that hold Bitcoin as a treasury asset kept accumulating in the second quarter even as the funding model behind the strategy drew scrutiny. Core Scientific added Bitcoin to its balance sheet despite its holdings shr…
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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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