According to a new report from institutional DeFi platform Sentora warns that corporate adoption of Bitcoin ($BTC ) as a treasury asset is risky, likening it to “balance sheet roulette.” 📉
The study of 213 entities holding 1.79M BTC ($214B) found most rely on borrowed money to buy BTC — a negative carry trade since Bitcoin yields nothing. Without steady price gains, debt costs pile up, threatening solvency.
If BTC prices drop, forced sales could trigger a downward spiral. With no “lender of last resort,” this strategy remains speculative until BTC generates reliable yield.
