{"id":24683,"date":"2025-06-13T18:10:01","date_gmt":"2025-06-13T15:10:01","guid":{"rendered":"https:\/\/forklog.com\/en\/corporate-bitcoin-treasuries-pose-systemic-risks-to-crypto-markets\/"},"modified":"2025-06-13T18:10:01","modified_gmt":"2025-06-13T15:10:01","slug":"corporate-bitcoin-treasuries-pose-systemic-risks-to-crypto-markets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/corporate-bitcoin-treasuries-pose-systemic-risks-to-crypto-markets\/","title":{"rendered":"Corporate bitcoin treasuries pose systemic risks to crypto markets"},"content":{"rendered":"

Analysts at Coinbase Institutional forecast<\/a> a crypto-market upswing in the second half of 2025. In their view, bitcoin will set a new all-time high thanks to improving U.S. economic indicators, a possible rate cut by the Fed<\/span> and greater regulatory clarity.<\/p>\n

The biggest trend\u2014and risk\u2014is the growing popularity of corporate bitcoin reserves. This phenomenon has been dubbed the \u201cclone attack\u201d.<\/p>\n

“Clone attack” and systemic risks<\/h2>\n

David Duong, head of research at Coinbase Institutional, noted that more public companies are adding the first cryptocurrency to their balance sheets. The trend accelerated after U.S. accounting rules changed. New standards allow firms to carry digital assets at fair market value, removing a major impediment to corporate investment.<\/p>\n

According to BitcoinTreasuries<\/a>, 234 firms now hold a combined 820,542 BTC.<\/p>\n

\"Snimok-ekrana-2025-06-13-173320\"
Data: BitcoinTreasuries.<\/figcaption><\/figure>\n

Around 20 of them use a debt-financed capital-raising model first employed by the company Strategy.<\/p>\n

Duong warned that such strategies create systemic risks. Many of these firms issue convertible bonds to fund crypto purchases. In times of market stress, they may face forced selling to meet obligations, potentially sparking investor panic.<\/p>\n

GameStop is a recent example. The company increased<\/a> its private placement of convertible notes from $1.75bn to $2.25bn. Proceeds are intended, among other things, to top up its bitcoin reserves, which already stand at 4,710 BTC.<\/p>\n

After the initial announcement<\/a> of the bond issue, GameStop (GME) shares fell 22.5%. Year to date, the stock is down more than 30%.<\/p>\n

\"GME_2025-06-13_17-07-35\"
GME\/USD price chart. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Investor Anthony Pompliano is also pursuing the trend. According to the Financial Times<\/a>, he will head ProCapBTC, which aims to raise $750m to buy bitcoin via a SPAC<\/span>-merger.<\/p>\n

In Duong\u2019s view, the near-term risk of cascading liquidations is low. Most such firms\u2019 debts come due no earlier than late 2029. But that could change as debt accumulates and new players adopt similar strategies.<\/p>\n

Volatility in practice: the SharpLink case<\/h2>\n

How sensitive the market is to the actions of such companies is illustrated by the U.S. sports-betting platform SharpLink Gaming. After the close, its shares plunged by more than 70%.<\/p>\n

\"Snimok-ekrana-2025-06-13-171836\"
Data: Google Finance<\/a>.<\/figcaption><\/figure>\n

The trigger was a routine S-3 filing with the SEC<\/span> that registers prior investors\u2019 right to resell their shares. Traders apparently misinterpreted the document as an announcement of a mass sell-off.<\/p>\n

Joseph Lubin, ConsenSys\u2019s chief executive and SharpLink\u2019s chairman, explained that this is a standard procedure and does not imply actual sales.\u00a0<\/p>\n

\n

Some are misinterpreting SBET\u2019s S-3 filing:<\/p>\n

It registers shares for potential resale by prior investors<\/p>\n

The \u201cShares Owned After the Offering\u201d column is hypothetical, assuming full sale of registered shares.<\/p>\n

This is standard post-PIPE procedure in tradfi, not an indication of\u2026<\/p>\n

\u2014 Joseph Lubin (@ethereumJoseph) June 12, 2025<\/a><\/p><\/blockquote>\n