Coinbase's latest report predicts a positive outlook for the cryptocurrency market in the second half of 2025, but warns that the model of publicly traded companies buying Bitcoin with high-leverage convertible debt may pose "systemic risks." Currently, 228 publicly traded companies hold approximately 820,000 BTC, with about 20 utilizing a MicroStrategy-style financing structure. If the market experiences a significant downturn or if debt is concentrated in maturity between 2029-2030, it may trigger forced selling; Coinbase believes short-term risks are manageable, with the key being subsequent refinancing capabilities. (TheBlock)