The Archive

Search the archive

Found 2 results for “leverage”

Public Bitcoin Treasuries Are Leveraged Bets Dressed as Strategy

The MicroStrategy playbook works beautifully in a bull market and brutally in a sustained drawdown. The next twelve months will be the test.

Helena Cross//Dec 4, 2025//6m

Opinion

Bitcoin's Treasury Imitators Will Define the Bear Market Casualties

MicroStrategy made the playbook look easy. The next downturn will reveal which copies were genuinely operational and which were leveraged caricatures.

Helena Cross//Jan 9, 2026//6m