H100 just posted their H1 earnings and they're sitting on over $40M in unrealized losses on their $BTC treasury position.
Another corporate treasury taking heat in this macro environment. When companies treat $BTC as a balance sheet asset, they eat the volatility—no different from any other treasury position.
Key question: Are they diamond handing through the drawdown or will board pressure force a capitulation? Corporate treasuries don't have the same pain tolerance as retail degens.
This is why the MicroStrategy playbook only works if you have conviction and can stomach multi-year drawdowns. Most corporate boards can't.
Another corporate treasury taking heat in this macro environment. When companies treat $BTC as a balance sheet asset, they eat the volatility—no different from any other treasury position.
Key question: Are they diamond handing through the drawdown or will board pressure force a capitulation? Corporate treasuries don't have the same pain tolerance as retail degens.
This is why the MicroStrategy playbook only works if you have conviction and can stomach multi-year drawdowns. Most corporate boards can't.