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A critical insight from the report is the growing trend of debt issuance by companies holding Bitcoin in their treasury, like MicroStrategy. In May 2025, companies collectively held a staggering $122.7 billion in outstanding debt, with the potential for market disruptions if these firms are forced to liquidate their crypto assets amid falling prices.
This leverage strategy inherently carries risks, especially if market conditions deteriorate as expected in a bear market. Companies lacking sufficient cash reserves may find themselves in precarious situations, raising concerns over broader market stability.