Institutional Defi Platform Sentora published a new report Thursday and argued that the company’s adoption of Bitcoin
Like a State Cased asset, it looks like, while it’s popular, a “Balance -Roulette.”
“Bitcoin’s scarcity and programmability make it an unprecedented business active – but without scalable dividend and sustainable funding, most current adoptors play a dangerous game of Balance Roulette,” Patrick Heusser, Lending Lender in Sentora, states in the report.
The report analyzed the strategies for 213 public, private and state units that have a total of 1.79 million BTC, worth $ 214 billion from August 2025. Public listed companies account for 71.4% of these holdings, which means that approx. 1.27 million BTC is part of the corporate balance.
The accumulation strategy is based on a centuries -old wealthy Playbook: Loan Fiat to acquire a button, hard asset. With its supply, which is limited to 21 million, Bitcoin is a demonstrably button asset that has surpassed any other major asset of jumps and borders in the last decade.
“Strategy was distinguished by constructing the exposure as a capital allocator-at help of long dated financing, asymmetric timing and shareholder adjustment to create a synthetic BTC derivative inside a public vehicle,” the report said.
Negative Bearing
However, the report identified a critical error: the strategy of collecting coins with borrowed money is a “negative carrier” because BTC itself is a zero-affropoly asset as gold.
Unlike land or productive real estate, Bitcoin does not generate income or cash flow on its own. It just sits on the balance. The cost of borrowing money to buy Bitcoin is therefore a direct, ongoing expense without any offsetting of cash flow.
The return from the strategy is therefore completely dependent on capital gains that stem from continued award assessment, making it structurally fragile.
If the carrying breaks due to prolonged price stagnation or a market drop, the results may be “binary and reflexive”. A decrease in Bitcoin’s award would threaten the collateral that supports their debt, causing their share price to fall and make it difficult for them to raise new capital.
This is because most of the companies that have accumulated BTC as a Treasury asset are either unpaid or highly dependent on BTC-mark-to-market gains to occur.
These companies could then start selling their core BTC holdings to meet their obligations, which would further push the price down and create a downward spiral.
The report said explicitly, “There is no lender of the last resort here – no interrupt, no refinancing facility.”
The report draws a parallel with gold and notes that a “gold cat company” never appeared because gold also does not give and is difficult to store and move.
The Bitcoin Treasury strategy faces the same basic challenge: Until Bitcoin can mature to “productive digital capital” that generates a scalable, reliable yield, it is still a risky, speculative effort, noted the report.
Read more: Michael Saylor’s strategy adds $ 18 million. Bitcoin on the five-year anniversary of first purchase
