Crypto Treasury Firms Lean on Leverage
As the premium to net asset value disappears, crypto treasury companies will keep turning to preferred stock, convertibles and buybacks, which adds fixed cash obligations that could force asset sales in a downturn.
forming · confidence 40 · Emerging (watchlist) · tracking since October 14, 2026 · updated October 14, 2026
Why the conviction moved
- Oct 14Strengthened +4
With Metaplanet trading about 90% below its peak, the company will repay $151 million of bitcoin-backed loans and buy back up to 14.7% of its shares. Strive is offering a 15% fixed-dividend preferred stock to raise $500 million for more bitcoin. Both moves trade the lost equity premium for fixed-income instruments; Strive's preferred adds the fixed cash obligation the thesis flags as a forced-sale risk in a downturn.
Source trail
Supporting · October 14, 2026
Bitcoin treasury companies turn to convertibles, preferred stock and buybacks as Metaplanet trades about 90% below its peak
With Metaplanet trading about 90% below its peak, the company will repay $151 million of bitcoin-backed loans and buy back up to 14.7% of its shares. Strive is offering a 15% fixed-dividend preferred stock to raise $500 million for more bitcoin. Both moves trade the lost equity premium for fixed-income instruments; Strive's preferred adds the fixed cash obligation the thesis flags as a forced-sale risk in a downturn.
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