Through the Looking Glass: Bitcoin Treasury Companies

2025/07/20 by B K Meister, Meister, B K · 1 voice
Economics, Econometrics and Finance · #FOS: Economics and business #Portfolio Management (q-fin.PM) #q-fin.PM

paper · pdf · doi:10.48550/arxiv.2507.14910

arxiv published 2025/07/20 · arxiv updated 2025/09/16

Abstract

Bitcoin treasury companies have taken stock markets by storm amassing billions of dollars worth of tokens in hundreds of entities. The paper discusses, how leverage - whether created through corporate debt or investors using stock as loan collateral - fuels this trend. The extension of the binary-choice Kelly criterion to incorporate uncertainty in the form of the Kullback-Leibler divergence or more generally Bregman divergence is also briefly discussed.

Discussions

• B K Meister: Through the Looking Glass: Bitcoin Treasury Companies https://arxiv.org/abs/2507.14910 https://arxiv.org/pdf/2507.14910 https://arxiv.org/html/2507.14910 [bsky, 0 points, 0 comments]

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