Report: BTC Treasuries Face $12.8B Maturity Wall by 2028

Key Points

1. BTC-TCs collectively hold over 725,000 BTC but face a $12.8 billion debt maturity wall, concentrated in 2027 and 2028, threatening their financial stability.

2. These companies have raised over $3.35 billion in preferred equity and $9.48 billion in debt to fund Bitcoin acquisitions, with MicroStrategy dominating the sector with 597,000 BTC (82% of the total).

3. Convertible notes, like MicroStrategy's $7.3 billion 0% issuance, depend on sustained high stock prices; if prices fall, firms may struggle to meet obligations.

4. BTC-TCs trade at a 73% premium to their Bitcoin holdings, but many, like MicroStrategy and Marathon Digital, operate at quarterly losses ($78.3M and $43.5M, respectively), relying on capital markets for survival.

5. Firms like Metaplanet, Semler Scientific, and CoinShares perform better, generating profits or holding sufficient cash reserves, but a Bitcoin price drop could force others to sell BTC or dilute shares, harming investors.