Strive CIO: Bitcoin treasury firms should balance equity issuance, credit, buybacks

TREE NEWS update: Strive Chief Investment Officer Ben Werkman said Bitcoin treasury companies rely on three main financing tools: equity issuance, credit instruments such as preferred stock and bonds, and share buybacks. They typically issue common stock to fund BTC purchases when the share price trades above the value of their Bitcoin holdings, and can use preferred stock or debt to avoid diluting existing shareholders. Werkman said buybacks can lift per-share value when shares are undervalued or the company holds excess cash, and that balancing all three approaches can enhance long-term shareholder value.