Life is getting harder for BTC treasury companies. Never mind that Strategy hasn’t issued any more of its $STRC shares, which have an annualized dividend yield of 12%, since the price fell in June. Strive, meanwhile, has gone straight ahead and launched a $630 million preferred stock offering to raise $SATS.US , with an effective yield of nearly 17%. It’s hard to imagine how much $BTC would need to rise to cover dividends, interest, and dilution at such a high yield. As I’ve said before, a company buying coins more aggressively isn’t necessarily better for shareholders. If its financing costs are so high that they eat up asset appreciation every year, then it’s no longer leverage on BTC—it’s just dressing up the financing structure 🤡