▲Bitcoin Treasury Companies Encumber or Sell Their Coins

Score history

Daily conviction score, 0 to 100. Higher means the thesis is more strongly corroborated.

Now 42 · +2 since Nov 11 · ranged 40 to 42

Why the conviction moved

• Nov 12
  Strengthened +2

  BitMine reported a yearly loss above $6 billion. Its latest quarterly profit came mostly from unrealized ether gains while operating cash flow was negative. Without operating cash, the company depends on raising capital or using its coin holdings to meet obligations, and losing index inclusion makes raising equity harder.

• Nov 11
  Strengthened +4

  Trump Media has pledged 73% of its bitcoin to an options counterparty as a $1 billion note deadline nears, and Strategy relied on common stock sales to fund itself. As rates rise, corporate treasuries are tying up their coins as collateral, which creates counterparty and forced-supply risk.

Source trail

• Supporting · November 12, 2026

  MSCI Drops Strategy and Four Other Treasury Companies From Its Indexes as BitMine Reports a Yearly Loss Above $6 Billion

  BitMine reported a yearly loss above $6 billion. Its latest quarterly profit came mostly from unrealized ether gains while operating cash flow was negative. Without operating cash, the company depends on raising capital or using its coin holdings to meet obligations, and losing index inclusion makes raising equity harder.

  Bitcoin Magazine

• Supporting · November 11, 2026

  Trump Media Has Pledged 73% of Its Bitcoin to an Options Counterparty as a $1 Billion Note Deadline Nears

  Trump Media has pledged 73% of its bitcoin to an options counterparty as a $1 billion note deadline nears, and Strategy relied on common stock sales to fund itself. As rates rise, corporate treasuries are tying up their coins as collateral, which creates counterparty and forced-supply risk.

  Bitcoin Magazine (Trump Media)