TD Cowen isn't backing off crypto treasuries. They're trimming Strategy's Bitcoin-fueled target yet slapping 'buy' on Ethereum player Sharplink, betting staking crushes ETF yields.
Bitcoin treasury firms were supposed to be the golden ticket after BTC's $126K high. Now Nakamoto's down 99%, begging shareholders for a reverse split just to stay on Nasdaq.
Bitcoin corporate treasuries are no longer marching in lockstep. As BTC slips below $70K, some companies are dumping holdings at a loss while others double down—and the cracks are starting to show.
A Tokyo firm just cracked the top three corporate Bitcoin holders by loading up $405 million worth in a single quarter. Problem? The market doesn't seem impressed.