Bitcoin Treasury Companies Leverage at Record Rates as Strategy's Market Share Hits 76%

BTC0.19%
According to Capriole Investments founder Charles Edwards, bitcoin treasury companies are leveraging at record rates to fund acquisitions. Edwards warned the trend mirrors leveraged investment trusts of 1929, likening the roughly 200 digital asset treasuries now in existence to potential cascading deleveraging risks. Cryptoquant data showed non-Strategy treasury buying collapsed 99% over 30 days from an August 2025 peak, leaving Strategy Inc. with approximately 76% of all corporate bitcoin holdings. Japanese firm Metaplanet, which executed about 20 debt-for-BTC financing rounds in two years, posted a $725 million quarterly loss despite accumulating 40,177 BTC. The warning arrives as Bitcoin recently posted its worst week since 2022, falling below $60,000 amid record ETF outflows.
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