Bitcoin sits 34% below its $126K peak, yet the cost of money to keep buying it has nearly doubled in a year.
That squeeze hits every long-term holder and treasury still trying to accumulate without cheap leverage, the same setup that forced painful sales in 2018 and 2022 when rates rose faster than prices recovered.
Strive now wants $500 million in new preferred stock at a fixed 15% yield just to stack more $BTC . $MSTR started this with preferreds at 8-10% in 2025. Strive's own SATA already pays 13%, and SATS is asking 15%. Financing a Bitcoin treasury got expensive almost twice as fast as the coin itself moved. The 10-year Treasury yields about 5.3%, so these companies are paying a steep premium while $BTC remains well off highs. I have watched this movie before. Greed to keep stacking collides with the fear that capital is simply too costly to hold through another dip.
Where do you think this cost of capital heads if $BTC stays range-bound?
#Bitcoin #BTC #CryptoTreasury
That squeeze hits every long-term holder and treasury still trying to accumulate without cheap leverage, the same setup that forced painful sales in 2018 and 2022 when rates rose faster than prices recovered.
Strive now wants $500 million in new preferred stock at a fixed 15% yield just to stack more $BTC . $MSTR started this with preferreds at 8-10% in 2025. Strive's own SATA already pays 13%, and SATS is asking 15%. Financing a Bitcoin treasury got expensive almost twice as fast as the coin itself moved. The 10-year Treasury yields about 5.3%, so these companies are paying a steep premium while $BTC remains well off highs. I have watched this movie before. Greed to keep stacking collides with the fear that capital is simply too costly to hold through another dip.
Where do you think this cost of capital heads if $BTC stays range-bound?
#Bitcoin #BTC #CryptoTreasury