The first thing I read on a new Bitcoin treasury company is its debt calendar. A company buying Bitcoin with cash it earned can sit through any drawdown. A company buying with borrowed money has to know exactly when each note comes due and what it will do if Bitcoin is down that month.
So I look for three things before I take one seriously: maturities spread out over years, no margin loans that can force a sale, and a way to pay the interest that doesn't depend on Bitcoin going up. If any of those is missing, I assume one bad month could force the company to sell, and I stay on the sidelines until it fixes that.
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