币界网报道：A growing number of public companies are adopting crypto treasury strategies, raising billions to accumulate digital assets like BTC, ETH, SOL, and XRP, according to Presto Head of Research Peter Chung. While this trend has drawn comparisons to past financial innovations like LBOs and ETFs, Chung notes it remains widely misunderstood outside crypto circles. These firms—often repurposed operating companies, SPACs, or shells—use tailored financing methods (PIPEs, ATMs, convertibles) to leverage crypto volatility without collateral. Chung highlights two key risks: collateral liquidation (mitigated by most firms avoiding crypto-backed loans) and activist-driven sales (rare due to cost/complexity). He disputes bubble comparisons to 2021, noting crypto treasury premiums reflect justified accumulation strategies rather than speculative excess. Major adopters like MicroStrategy (with a capital structure designed to survive prolonged BTC declines) have inspired firms including Tether-backed Twenty One and Trump Media. While analysts warn corporate accumulation could impact BTC's reserve status, Chung argues risks are firm-specific, tied to liquidity planning rather than systemic threats. POS tokens may gain traction as staking rewards enhance altcoin-focused treasuries, though inexperienced entrants could struggle in downturns.