Only a few bitcoin (BTCTreasury companies will agree to test time and avoid the evil “death spiral” that will affect BTC Holding companies that are trading near the net asset value (NAV), the total assets of the work entity, minus their obligations, according to a report issued by Capital Capital (VC).
The authors wrote that the health of the treasury companies in Bitcoin depends on their ability to lead a double of the net value of the assets (MNAV).
Generate a report The seven stages of the decline in BTC Treasury Company, which begins with a decrease in the price of Bitcoin, which leads to a decrease in MNAV, makes the company’s share price near NAV.
This, in turn, makes it difficult for BTC Holding companies insurance Debt and stock financing Decisive in asymmetric trade to convert The US dollar inflation In the assets covered with supply.
Since access to credit dehydration and looming on the horizon, margin calls are running, which forces companies A long period of market. The authors of the report wrote:
“Ultimately, a few selected companies will maintain the permanent MNAV installment. They will earn them through strong driving, disciplined implementation, smart marketing, and the distinctive strategies that continue to cultivate Bitcoin-Share regardless of the wider market fluctuations.”
This cycle of death can lead to the following Crypting bear market. However, the report’s authors said that since most BTC Treasury companies funded their purchases with stocks instead of debt, separation may be contained.
The authors said the stock -based financing limits the repercussions of the wider market. Nevertheless, current expectations can change if debt financing exceeds stock as a more popular option.
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