Recent actions by Strategy, a leading Bitcoin digital asset treasury (DAT) corporation, should restore market confidence over its financing structure and, in our view, may help Bitcoin’s price find a more durable bottom. On the surface there is nothing wrong with Strategy’s balance sheet. The company owns ~$52 billion worth of Bitcoin and has just ~$7 billion worth of debt. Its annual dividend obligations on its preferred equities are less than $2 billion. Strategy clearly has sufficient financial resources to service its debt and dividend obligations. Nevertheless, shifting market conditions created uncertainty ... (full story)