Every Zipp story tagged #BitcoinTreasuries, newest first.
Strategy, Twenty One Capital and Metaplanet still trade below the gross value of their Bitcoin holdings, exposing a financing model that depends on equity premiums and cheap capital.
Two collateral calls have hit Bitcoin treasuries in 2026, and some loans can liquidate after 12 hours. Missing balances and trigger ratios obscure which company faces the next lender demand.
The $22M loss highlights balance-sheet risk for corporate Bitcoin treasuries, where some loans can liquidate after just 12 hours.
MSCI's review puts the index treatment of Bitcoin-treasury firms under scrutiny, making benchmark-linked flows the central market question for MSTR.
Strategy and Metaplanet aren't alone: the new 'non-operating company' screen redefines what index inclusion even means, with passive-flow consequences for any firm that holds more than it earns.
Bitcoin treasuries have already faced two collateral calls in 2026, while some loans can liquidate after just 12 hours.
Investors are moving beyond coin counts to shareholder math as Strategy's BTC Yield slides, Metaplanet trades below its holdings, and European entrants seek funding on terms nobody has priced yet.
Two collateral calls in February 2026 and 12-hour liquidation windows show why corporate Bitcoin treasury liquidity is difficult to compare without trigger ratios.
CryptoSlate
CoinDesk