Bitcoin Treasury Firms Weigh Higher Returns Against Downside Risk

The core tension here is structural, not cyclical: these vehicles sell the upside of leverage as a feature while the downside is embedded in the same design, so the pitch and the peril are the same mechanism. That matters most for holders who bought the amplified-return story without pricing the amplified drawdown. Whether the market keeps rewarding the structure during stress, rather than only in rising markets, is the open question.