Bitcoin stress test for the treasury companies
Bitcoin crashed 50% and just recovered 25% in three weeks. Perfect stress test for the treasury companies. Worth studying who bent.
The leveraged ones spent the winter managing debt. Converts are cheap financing until the stock falls below the conversion price. Then they’re a bill with a date on it.
$ASST runs the other model. Zero debt. No maturities, no margin calls, no lender who can force a sale at the bottom. Equity and perpetual preferred only, and permanent capital can wait forever.
The receipt: Strive kept buying through the crash. 5,000 BTC last fall. 21,356 today, including 1,110 added last week into the turn.
You don’t have to outperform the storm. You just have to still be there, stacking, when it clears.
The risk: the funding cost is dilution, and the structure hasn’t seen a full cycle yet. But nobody can call Strive’s loan, because there isn’t one.
Long $ASST
DYOR.
