The market has kept sliding amid the sell-off, but one company is still quietly adding to its holdings.
Strive now holds 35,595 coins, worth roughly $2.9 billion at current prices. At the same time, investment bank TD Cowen raised its price target to $56. This time, buyers and sellers are on the same side.
👉 关注我，点击进入聊天室，学习更多策略
The contrast is striking. AI trades saw a major unwind this week, the Nasdaq closed lower, and risk appetite kept shrinking as most people rushed to cut their positions. Yet a group of treasury companies is treating every dip as a buying opportunity. Their business model is straightforward: when their share price rises, they issue new shares to raise funds, use the proceeds to buy coins, and repeat the cycle, building up ever-larger holdings. On the surface, it looks like unwavering conviction. Look closer, and it seems more like a machine driven by its share price.
The problem is, this spiral only looks good on the way up.
In favorable conditions, this model is a flywheel; in a downturn, it becomes a meat grinder. Once a company's share price falls below the cost of the coins it holds, its ability to raise funds dries up, leaving it with no choice but to sell. Those forced sales often push prices lower, dragging the share price down further and creating a vicious cycle no one wants to see. Several treasury companies that collapsed in recent years followed exactly this path. What they were really relying on wasn't the coins, but the premium at which their own shares traded.
So I keep wondering: is this accumulation a sign of confidence, or is the momentum of leverage simply impossible to stop? The tool itself isn't right or wrong. The difference lies in when you hit the brakes—and whether you do it fast enough.
Which side are you on? Are these companies building positions against the trend because they see long-term value, or are they putting themselves in the line of fire?
Strive now holds 35,595 coins, worth roughly $2.9 billion at current prices. At the same time, investment bank TD Cowen raised its price target to $56. This time, buyers and sellers are on the same side.
👉 关注我，点击进入聊天室，学习更多策略
The contrast is striking. AI trades saw a major unwind this week, the Nasdaq closed lower, and risk appetite kept shrinking as most people rushed to cut their positions. Yet a group of treasury companies is treating every dip as a buying opportunity. Their business model is straightforward: when their share price rises, they issue new shares to raise funds, use the proceeds to buy coins, and repeat the cycle, building up ever-larger holdings. On the surface, it looks like unwavering conviction. Look closer, and it seems more like a machine driven by its share price.
The problem is, this spiral only looks good on the way up.
In favorable conditions, this model is a flywheel; in a downturn, it becomes a meat grinder. Once a company's share price falls below the cost of the coins it holds, its ability to raise funds dries up, leaving it with no choice but to sell. Those forced sales often push prices lower, dragging the share price down further and creating a vicious cycle no one wants to see. Several treasury companies that collapsed in recent years followed exactly this path. What they were really relying on wasn't the coins, but the premium at which their own shares traded.
So I keep wondering: is this accumulation a sign of confidence, or is the momentum of leverage simply impossible to stop? The tool itself isn't right or wrong. The difference lies in when you hit the brakes—and whether you do it fast enough.
Which side are you on? Are these companies building positions against the trend because they see long-term value, or are they putting themselves in the line of fire?