Over the past several months, crypto-focused funds have launched en masse, with a mandate to acquire digital assets and generate as much yield for shareholders as possible. This new class of firms—including Strategy (MSTR), Metaplanet (3350.T) and Semler Scientific (SMLR)—is often labeled "crypto treasury stocks," and headlines have celebrated corporate "bitcoin buys" and the stock pops that follow. The story is usually told in simple terms: A company acquires more coins, investors cheer, and the market cap rises. But that framing is incomplete, downplaying the financing mechanics that make each purchase possible. ... (full story)