The corporate Bitcoin gold rush is on — but at what cost?

They’re being called “infinite money machines” by some, and “a ticking time bomb” by others. Welcome to the world of Bitcoin treasury companies, publicly traded firms that are rewriting the rules of corporate finance by converting capital into Bitcoin.

These companies are leveraging gains to boost their stock price, and using momentum to buy even more Bitcoin (BTC). It’s a cycle that, so far, has been wildly profitable.

At the heart of this movement is Strategy — formerly MicroStrategy — which holds more than 590,000 BTC valued at over $60 billion. The company has become one of the most prominent corporate holders of Bitcoin. And it’s not alone. Over 130 companies have added the cryptocurrency to their balance sheets, and the number keeps growing.

These companies are following the playbook pioneered by Michael Saylor: raise capital, buy Bitcoin, watch stock price climb, repeat. But behind the gains lies a risk few are talking about, a vulnerability that could shake the entire crypto ecosystem if things turn south.

Among Bitcoin investors and enthusiasts, questions are mounting about what happens next. Is this the fuel behind Bitcoin’s next bull run? Or are we looking at a structural risk that could trigger the next crash?

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