Here’s the truth most people don’t want to say out loud:

Corporate Bitcoin treasuries look like asset-backed financing with no cashflow support.

This is rare in public markets because:

•Debt requires coupons

•Preferreds require dividends

•Operating income must service both

But with Bitcoin:

•There is no income

•There is no yield

•There is no production

•There is only price appreciation

So the only way to honor the capital structure is:

1.Sell Bitcoin, or

2.Issue more debt, or

3.Issue more equity, or

4.Run the marketing machine hotter

Why This Matters

Bitcoin is a perfect asset for an individual.

It is a terrible cashflow instrument for a corporation.

When someone issues structured notes, preferreds, or coupon-bearing debt against a non-yielding asset, they’ve created a time-delayed forced-seller behavior.

You can ignore that in a bull market.

In a bear market, the math comes back with a vengeance.