"Entonces, cuando Bitcoin sangra, su estructura de apalancamiento hace que sangren aún más rápido." "So, when Bitcoin bleeds, their leverage structure causes them to bleed even faster."

… oked and crypto was hit particularly hard as a whole load of leverage unwound and Bitcoin along with everything else dropped like a stone. Today, BTC is sitting around $65,600, a 47% draw down in roughly eight months, with the fear and greed index buried deep in extreme fear. And these treasury companies are leveraged proxies on that exact number. So, when Bitcoin bleeds, their leverage structure causes them to bleed even faster. Which brings us to the promise that got everyone here in the first place. The pitch was beautiful and on paper it almost made sense. Michael Sailor and what was then known as Micro Strategy pioneered it back in 2020 with three pillars. Pillar one, permanent demand. Corporate treasuries would act as a black hole for Bitcoin supply, buying coins and …