Treasury companies either accelerate a Bitcoin sell off *or* buffer a sell off in a bear market
Which path this will take relies heavily on the financial structure of these firms
But so far no company has the debt structure which would cause the firm to puke BTC on a drop
I keep seeing this sort of hot take on BTC treasury companies without much analysis going into the mechanism that would cause a drawdown in BTC. IMO people are conflating a drawdown in the stock price with a drawdown in BTC.
Most of the treasury companies have tiny market caps relative to BTC. The ones that aren't tiny don't have significant leverage, and the leverage they have is structured to prevent the need to suddenly sell.
Sure, many treasury companies will underperform and some will fail. But their stock prices can fall 95% from highs, and it could have zero impact on the BTC they hold.
In any case, a 49% drawdown from the top is not unusual. Expect it.
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