Through the Looking Glass: Bitcoin Treasury Companies

B K Meister

Papers from arXiv.org

Abstract: Bitcoin treasury companies have taken stock markets by storm amassing billions of dollars worth of tokens in hundreds of entities. The paper discusses, how leverage - whether created through corporate debt or investors using stock as loan collateral - fuels this trend. The extension of the binary-choice Kelly criterion to incorporate uncertainty in the form of the Kullback-Leibler divergence or more generally Bregman divergence is also briefly discussed.

Date: 2025-07, Revised 2025-09
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