Corporate Bitcoin Treasuries Expand $66B Across Multiple Sectors

Bitcoin treasury companies continue to expand their holdings by acquiring large amounts of Bitcoin, often financed through debt and equity offerings, raising concerns about sustainability and shareholder dilution. Strategy, led by Michael Saylor, holds nearly 600,000 BTC and employs complex financial structures to spread obligations, but faces skepticism from investors and short-sellers like Jim Chanos who question its valuation beyond its Bitcoin reserves. Other firms such as Sequans Communications and Murano Global Investments are following suit, using Bitcoin as a hedge against inflation and currency risk, though these moves entail significant exposure to Bitcoin's price volatility. Jack Mallers, founder of Strike and a key figure in Bitcoin adoption, recently launched Twenty One, a new Bitcoin treasury company backed by SoftBank with a substantial initial Bitcoin capital, aiming to become a leading player in the corporate Bitcoin treasury space. These developments illustrate a growing trend among diverse industries toward incorporating Bitcoin into corporate treasuries, despite concerns over the financial models underpinning such strategies and the risks involved.