Bitcoin treasury risks? 🚨

📝 What you need to know

More and more publicly traded companies are following the crypto treasury model of Bitcoin giant Strategy (formerly MicroStrategy), stashing BTC or other top assets (like Solana, Ethereum, or XRP)—and often seeing their stock prices skyrocket.

But while there’s still plenty of market hype around these companies, there’s also growing concern that the mass adoption of these models could backfire if the price of Bitcoin plunges or if firms are unable to raise more funds.

Coinbase raised the alarm in a report this week, highlighting potential pain points that could pose “systemic risks” for the industry, while experts that Decrypt spoke with also shared their own concerns. But there’s also likely upside to being among the first to adopt such treasury models.

“That’s a part of the magic right now,” said Swan Bitcoin Chief Investment Officer Ben Werkman. “They’re opting out of the collapsing financial system, and they’re moving to what they think the future financial system is, and there’s a first-mover advantage to being there.”

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