This article was prepared using automated systems that process publicly available information. It may contain inaccuracies or omissions and is provided for informational purposes only. Nothing herein constitutes financial, investment, legal, or tax advice.
A new Keyrock report warns that Bitcoin Treasury Companies (BTC-TCs) like Marathon Digital and Nakamoto could face a $12.8 billion debt maturity wall by 2028. These firms, which rely heavily on capital markets and negative cash flows, are vulnerable to Bitcoin price drops and shifting investor confidence. The sustainability of their business models hinges on favorable market conditions and continued access to financing.
- BTC-TCs face $12.8 billion in debt maturities by 2028, with refinancing risks concentrated in 2027–2028.
- Convertible notes, like Strategy’s $7.3 billion 0% issuance, rely on high stock prices to avoid distress scenarios.
- Investors currently value BTC-TCs at a 73% premium, but a market downturn could trigger forced BTC sales or equity dilution.
📎 Related coverage from: cryptopotato.com