⚠️ $BITCOIN Treasury Companies at Risk Without Operational Alpha – K33 Warns 🧠📉

💬 K33’s Torbjørn Bull Jenssen says the growing trend of public companies acting as Bitcoin treasury vehicles is unsustainable without real business models.

🔍 What’s happening:

• Firms are raising capital just to buy BTC

• No operational alpha = no long-term value

• Premiums on these companies may collapse if $BTC #

stalls

📊 “Bitcoin yield chasing ≠ business strategy” — without revenue-generating plans, holding BTC on a balance sheet alone may not cut it.

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