Institutional defi platform sentora Published a new report On Thursday, the Bitcoin corporation’s adoption
As a Treasury owner, while famous, resembles a “balance sheet roulette.”
“Bitcoin’s deficiency and programmability makes it an unprecedented corporate owner -but without measured produce and durable financing, most of the adopted players play a dangerous game sheet roulette sheet,” Patrick Heusser, leaders of lending to Sentora, stated in the report.
The report reviews the approaches of 213 public, private and government entities collectively holds 1.79 million BTC, worth $ 214 billion in August 2025. Listed in public companies cost 71.4% of these holdings, which means approximately 1.27 million BTCs are part of the sheets of corporation balance sheets.
The accumulation strategy is based on a century with age playbook of wealth: borrow Fiat to get a hard, tough possession. With the supply that has been closed to 21 million, Bitcoin is an incredible -belief that every other major ownership of leaps and boundaries has been released over the past decade.
“The approach is distinguished by engineering the exposure like a capital allocator-using timely financing, asymmetric timing, and shareholder alignment to create a synthetic BTC derivative within a public transport,” the report said.
Negative risk to carry
However, the report identified a critical flaw: the approach of aging coins with borrowed money was a “negative trade carrying,” because the BTC, in itself, was a zero-harvest-like owner such as gold.
Unlike land or productive real estate, bitcoin does not generate income or cash flow on its own. It just sits on the balance sheet. The cost of borrowing money to buy Bitcoin, therefore, is a direct, continuous cost without a cash flow offset.
The return from the approach, therefore, is entirely dependent on the income of the capital derived from the ongoing price appreciation, making the structure fragile.
If breaks in the trade trade due to prolonged price actions or a market collapse, the results may be “binary and reflexive”. A drop in Bitcoin’s price will threaten collateral that supports their debt, causing their stock price to decline and make it difficult for them to raise new capital.
This is because most companies that accumulated BTC as a Treasury’s property is either not beneficial or excessively dependent on the BTC mark-to-market acquisitions to appear solvent.
These companies may begin to sell their major handling at BTC to meet their obligations, which further push the price, creating a downward spiral.
The report clearly said, “There is no lender of the last resort here – no circuit breaker, no refinancing facility.”
The report is taking in parallel with gold, noticing that a “Gold Treasury Company” never appeared because the gold also did not produce and it would be complicated to store and move.
The Bitcoin treasury approach is faced with the same main challenge: until Bitcoin can be mature to the “productive digital capital” that forms a measured, reliable yield, it remains a dangerous, imaginative bet, the report mentioned.
Read more: Michael Saylor’s approach adds $ 18m of Bitcoin to the five -year anniversary of the first purchase
