A U.S.-listed company is preparing to raise another $500 million, and its purpose is pretty straightforward: to keep buying Bitcoin.
The company is called Strive. Its plan is to issue a batch of preferred shares, and the money raised will go toward pretty much one thing: adding more BTC to its balance sheet. And it’s not alone. Lately, a number of companies that treat Bitcoin as a core asset have been raising money nonstop through debt issuance, share offerings, preferred stock, and other means to build up their holdings.
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Supporters would say this is a new paradigm for corporate finance. Fiat currencies are steadily losing value, so cash sitting on the books just keeps shrinking in worth. Why not swap it for something with a fixed supply? And as long as the share price holds up, the cycle can keep spinning: raise money, buy coins, watch the share price rise, then raise money again—round after round.
But from the other side, what this cycle fears most is precisely the share price failing to hold up. If the price of Bitcoin falls, the company’s market value shrinks along with it, making it harder to raise money. But the leverage on the other side won’t wait. A few companies that made a big show of hoarding coins have already demonstrated to the market just how fragile this model can be.
Of course, true believers will say this was always a long-term play on a ten-year horizon, and that short-term ups and downs don’t matter.
So let me ask you: when listed companies keep raising money to buy crypto, do you see it as a rare awakening to asset allocation for a generation, or as a leveraged game dressed up as faith? Which side are you on?
The company is called Strive. Its plan is to issue a batch of preferred shares, and the money raised will go toward pretty much one thing: adding more BTC to its balance sheet. And it’s not alone. Lately, a number of companies that treat Bitcoin as a core asset have been raising money nonstop through debt issuance, share offerings, preferred stock, and other means to build up their holdings.
👉 关注我，点击进入聊天室，学习更多策略
Supporters would say this is a new paradigm for corporate finance. Fiat currencies are steadily losing value, so cash sitting on the books just keeps shrinking in worth. Why not swap it for something with a fixed supply? And as long as the share price holds up, the cycle can keep spinning: raise money, buy coins, watch the share price rise, then raise money again—round after round.
But from the other side, what this cycle fears most is precisely the share price failing to hold up. If the price of Bitcoin falls, the company’s market value shrinks along with it, making it harder to raise money. But the leverage on the other side won’t wait. A few companies that made a big show of hoarding coins have already demonstrated to the market just how fragile this model can be.
Of course, true believers will say this was always a long-term play on a ten-year horizon, and that short-term ups and downs don’t matter.
So let me ask you: when listed companies keep raising money to buy crypto, do you see it as a rare awakening to asset allocation for a generation, or as a leveraged game dressed up as faith? Which side are you on?