{"id":37390,"date":"2025-11-19T18:05:05","date_gmt":"2025-11-19T18:05:05","guid":{"rendered":"https:\/\/cryptd.in\/convertible-bonds-threaten-corporate-bitcoin-treasuries-exec-warns\/"},"modified":"2025-11-19T18:05:05","modified_gmt":"2025-11-19T18:05:05","slug":"convertible-bonds-threaten-corporate-bitcoin-treasuries-exec-warns","status":"publish","type":"post","link":"https:\/\/cryptd.in\/fr\/convertible-bonds-threaten-corporate-bitcoin-treasuries-exec-warns\/","title":{"rendered":"Convertible Bonds Threaten Corporate Bitcoin Treasuries, Exec Warns"},"content":{"rendered":"<p>An analyst has warned that the real risk to Bitcoin Treasury Companies (BTCTCs) isn\u2019t the price volatility currently being experienced in the market, but rather how their acquisitions are funded.<\/p>\n<p>According to H100 Group\u2019s Bitcoin lead, Brian Brookshire, convertible bonds, while often attractive, represent a significant and underappreciated threat to corporate Bitcoin strategies.<\/p>\n<h2>Capital Structure Takes Center Stage as BTCTCs Expand BTC Bets<\/h2>\n<p>In a recent post on X, Brookshire <a href=\"https:\/\/x.com\/btc_overflow\/status\/1990869616264896918?s=20\">laid out<\/a> the menu of financing tools available to Bitcoin treasury firms and highlighted why they can be dangerous if misused.<\/p>\n<p>Convertible bonds sit at the center of that anxiety. They allow companies to raise funds at a premium to spot share prices, as <a href=\"https:\/\/cryptopotato.com\/uk-bitcoin-treasury-companies-on-the-rise-the-current-leaders-in-focus\/\">seen<\/a> with UK-listed The Smarter Web Company\u2019s \u201cSmarter Convert\u201d instrument, fully subscribed for $21 million and structured as a Bitcoin-denominated convertible.<\/p>\n<blockquote>\n<p>\u201cConvertible bonds can have quite favorable terms when issued under the right market conditions,\u201d Brookshire wrote, \u201cbut have refinancing risk, are often accompanied by large upfront short-selling, and can take up to 5 years to be discharged.\u201d<\/p>\n<\/blockquote>\n<p>For those trying to copy Strategy\u2019s treasury playbook, that\u2019s a direct warning: the very instruments that helped accelerate BTC accumulation can quietly box companies into a corner when markets turn.<\/p>\n<p>Paris-based Sequans <a href=\"https:\/\/www.bitcoininstitute.ch\/the-rise-and-reckoning-of-the-bitcoin-treasury\/\">exemplified<\/a> this by becoming the first major treasury to liquidate a portion of its holdings, selling 970 BTC for $93 million.<\/p>\n<blockquote>\n<p>\u201cIt is absolutely crucial for BTCTC management to be well versed in the tradeoffs, think with a long-term view about how the usage of any particular instrument will impact the health of the business, and only issue debt or deploy a particular strategy when terms are favorable to the long-term interests of shareholders,\u201d added the market observer.<\/p>\n<\/blockquote>\n<p>His comments come in the wake of rising scrutiny on corporate Bitcoin leverage, with a report by Keyrock from earlier in the year <a href=\"https:\/\/cryptopotato.com\/report-btc-treasuries-face-12-8b-maturity-wall-by-2028\/\">projecting<\/a> a $12.8 billion debt maturity wall for BTC-focused companies, much of it in convertible notes clustered in 2027\u20132028.<\/p>\n<p>If equity prices fall below conversion levels, issuers may be forced to sell their Bitcoin or accept harsh refinancing terms, potentially dragging both share prices and the cryptocurrency lower in a feedback loop.<\/p>\n<h2>Market Tests Leverage and mNAV Premiums<\/h2>\n<p>Recent activity shows how entrenched the BTC corporate playbook has become. Despite Strategy\u2019s mNAV multiple slipping from 1.52x to about 1.11x, Executive Chairman Michael Saylor has <a href=\"https:\/\/x.com\/saylor\/status\/1990876469782868240?s=20\">told<\/a> Fox Business that his company is engineered to withstand an 80\u201390% drawdown in the price of Bitcoin.<\/p>\n<p>On November 17, the firm <a href=\"https:\/\/cryptopotato.com\/metaplanet-just-scooped-775-btc-now-sits-on-nearly-2b-in-bitcoin\/\">divulgu\u00e9<\/a> its biggest purchase since July, worth over $830 million, refuting rumors that it had been selling off its stash.<\/p>\n<p>In Asia, Tokyo-listed Metaplanet has increased its holdings to 30,823 BTC as of November 19, 2025, following a series of acquisitions. Meanwhile, WiseLink\u2019s <a href=\"https:\/\/cryptopotato.com\/wiselink-becomes-first-taiwan-listed-company-to-implement-bitcoin-treasury-strategy\/\">annonce<\/a> in August of a three-year convertible note to Nasdaq-listed Top Win International marked the first Bitcoin treasury strategy by a Taiwan-listed firm, again leaning on convertibles to finance BTC exposure.<\/p>\n<p>Le poste <a href=\"https:\/\/cryptopotato.com\/convertible-bonds-threaten-corporate-bitcoin-treasuries-exec-warns\/\">Convertible Bonds Threaten Corporate Bitcoin Treasuries, Exec Warns<\/a> est apparu en premier sur <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPatate<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>An analyst has warned that the real risk to Bitcoin Treasury Companies (BTCTCs) isn\u2019t the price volatility currently being experienced in the market, but rather how their acquisitions are funded. According to H100 Group\u2019s Bitcoin lead, Brian Brookshire, convertible bonds, while often attractive, represent a significant and underappreciated threat to corporate Bitcoin strategies. Capital Structure [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":37392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-37390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Convertible Bonds Threaten Corporate Bitcoin Treasuries, Exec Warns - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/fr\/convertible-bonds-threaten-corporate-bitcoin-treasuries-exec-warns\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Convertible Bonds Threaten Corporate Bitcoin Treasuries, Exec Warns - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"An analyst has warned that the real risk to Bitcoin Treasury Companies (BTCTCs) isn\u2019t the price volatility currently being experienced in the market, but rather how their acquisitions are funded. According to H100 Group\u2019s Bitcoin lead, Brian Brookshire, convertible bonds, while often attractive, represent a significant and underappreciated threat to corporate Bitcoin strategies. 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