The DEFI Sentora institutional platform published a new report on Thursday, arguing that the adoption of the Bitcoin company
As an actor, although popular, looks like a “balance sheet roulette”.
“Bitcoin’s scarcity and programmability make it an unprecedented business asset – but without evolving and sustainable financing, most of the current adopters play a dangerous game of balance sheet roulette,” said Patrick Heusser, head of loans in Sentora, in the report.
The report analyzed the strategies of 213 public, private and government entities which collectively hold 1.79 million BTCs, worth $ 214 billion in August 2025. Companies listed on the stock market represent 71.4% of these assets, which means that around 1.27 million BTC are among the balance sheets of companies.
The accumulation strategy is based on a manual for creating selicic wealth: borrow Fiat to acquire a rare and hard asset. With its supply capped at 21 million, Bitcoin is a rare active active that has surpassed all other major assets with a giant in the last decade.
“The strategy was distinguished by exhibition engineering as a capital allower – using long -term funding, an asymmetrical calendar and an alignment of shareholders to create a synthetic BTC derivative within a public vehicle,” said the report.
Risk of negative transport
However, the report has identified a critical flaw: the strategy of accumulating parts with borrowed money is a “negative transport trade”, because BTC, in itself, is a zero active like gold.
Unlike terrestrial or productive real estate, Bitcoin does not generate income or cash alone. It is right in the balance sheet. The cost of borrowing money to buy Bitcoin is therefore a direct and continuous expenditure without compensating cash flow.
The yield of the strategy therefore fully depends on capital gains resulting from the continuous assessment of prices, which makes it structurally fragile.
If transport exchange of ruptures due to prolonged prices or market decrease, the results can be “binary and reflexive”. A drop in the price of Bitcoin threatened the guarantee of supporting their debt, which would lead to the drop in their stock market course and allowing them to raise new capital.
Indeed, most of the companies that have accumulated the BTC as an actor is not profitable, is strongly dependent on brand gains with the BTC brand to appear on the solvent.
These companies could then start selling their BTC holding nuclei to meet their obligations, which would further lower the price, creating a descending spiral.
The report explicitly declared: “There is no last resort lender here – no circuit breaker, no refinancing installation.”
The report establishes a parallel to gold, noting that a “gold cash company has never emerged because gold did not give in either and is heavy to store and move.
The Bitcoin Treasury Strategy faces the same fundamental challenge: until Bitcoin can ripen in “productive digital capital” which generates an evolutionary and reliable yield, it remains a risky speculative bet, indicates the report.
Read more: Michael Saylor’s strategy adds 18 million dollars in Bitcoin for five years of first purchase
