Afternoon news: Bitcoin treasury companies also face balance-sheet risks. CoinDesk reported today at 14:03 Beijing time that Nakamoto owes Kraken approximately $165 million, with about 70% of its BTC pledged as collateral. My focus isn’t “how many coins the company holds,” but the coins available for unrestricted use, debt maturities, and conditions for additional collateral. When prices fall, the size of a company’s holdings is not the same as a cash safety buffer; this also does not mean a forced liquidation has occurred. When evaluating treasury stocks, financing constraints should come before holdings rankings. Source: CoinDesk report dated November 13. Not investment advice.