最新报道:Sentora's latest report warns that corporate Bitcoin treasury strategies resemble "balance sheet roulette," citing risks in current adoption models. Analyzing 213 entities holding 1.79M BTC ($214B), the study reveals 71.4% belongs to public companies using borrowed fiat to acquire BTC as a scarce asset. However, Head of Lending Patrick Heusser notes this creates a "negative carry trade" since BTC generates no yield, making returns entirely dependent on price appreciation. The strategy becomes fragile during price stagnation, potentially triggering collateral liquidations and downward spirals without institutional safeguards. Unlike productive assets, BTC currently lacks scalable yield mechanisms, remaining a speculative treasury play despite its scarcity advantages.