Bitcoin Treasuries Are Ticking Time Bombs as Leverage Hits Record Rates, Warns Capriole’s Charles Edwards

Moreover, his “fake yield” charge cuts at how treasury firms market themselves, given that many tout a bitcoin-per-share growth metric as a form of yield. Edwards contends the figure is largely a product of issuing new debt and shares rather than genuine income. In simpler terms, it can be viewed as a flywheel that works only while capital markets stay open and prices stay high.