Why everyone copies Silor, and what can happen? star-news.press/wp

An increasing number of public companies develops into treasury codes that focus on encryption, and benefit from capital markets to collect digital assets such as Bitcoin (BTC), ETHEREUM (ETH), Solana (SOL) and XRP.

This trend has sparked comparisons with previous financial innovations, such as the acquisition acquisitions and boxes circulating on the stock exchange, where billions of dollars now flow into corporate encryption reserves.

While some analysts warn of bubble -like dynamics, others indicate that the risks are radically different from those seen during previous encryption cycles.

Peter Chung, head of research at Bresto, argues that although there are risks, the current increase in the adoption of the encryption cabinet is more advanced than the rapid collapses seen in 2022, such as the fall of the three capital or the ecological Terra system.

Warranty and liquidation: more than before

In new a reportChung determines the structure, incentives and capital strategies that these companies use, and compare them with the financial engineering seen in traditional markets.

According to Chung, this companies aim to enhance the value of shareholders using the financing mechanisms designed for maturity and the rule of investors, without necessarily resorting to high models of previous sessions.

One of the main concerns raised by critics is the risk of forced references, especially in the market shrinkage. But Chung confirms that most of the cryptocurrency companies today avoid pledging their digital assets as loan guarantee.

Of the $ 44 billion of the capital collected or awaited between a sample of 12 companies, only one -third is funded for debt, and about 90 % of this debt is not guaranteed. This reduces the possibility of regular sales pressure from margin calls if prices drop.

However, Chung notes that companies may still liquidate assets in emergency scenarios if they lack alternative liquidity sources. Another risk that includes activists who press companies to liquidate assets if the shares are trading with a sharp discount on the value of the net assets (NAV).

However, Chong explains that activists usually choose less radical tactics such as repurchase or emotional campaigns, with the assignment of filter as a last measure. This makes NAV references less likely to cancel the market failure in the treasury companies at the early stage.

Premiums, evaluations and path forward

Comparisons also appeared between Crypto Treasury and GBTC product during the Taurus 2021 market, when a sharp installment was seen as a sign of the speculative surplus.

But Chung warns against direct comparisons, citing limited data and various structural incentives. Crypto Treasury companies have more tools to control capital structures and can develop asset assets over time, which may justify a bonus.

Corporate Treasury Model has been adopted by a variety of companies, including the two, Namamoto, Gamestop, and Trump Media.

They follow the progress of Microstrategy, whose co -founder Michael Sailor called for the accumulation of aggressive bitcoin through public capital markets. Sailor claims that the company can afford a decrease of 90 % of bitcoin over several years due to the financing model.

While the assets of work proof such as bitcoin dominate these strategies, Chung notes that the assets of guidance can also gain traction. With stokeing bonuses, these symbols provide an income flow that may support evaluation growth.

However, the active cabinet management is still crucial. Poor planning, excessive lever, or corporate liquidity errors can display negative risks, unlike the weaknesses faced by retailers during previous market fluctuations.

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