Bitcoin treasury companies are millions in the red but the strategy doesnt change even at $78k

Bitcoin treasuries are designed to look uncomfortable in drawdowns, because the trade they’re running is simple: take a volatile asset, put it on a corporate balance sheet, and finance more of it through capital markets. When Bitcoin drops, the mark-to-market hit is the point, not the punchline.

The real question is whether the company can keep its funding machine running long enough for volatility to swing back the other way.

Bitcoin’s price of about $78,500 on Feb. 1 turns the conversation about…