According to the Financial Times, crypto treasury companies are shifting to a new type of high-risk equity instrument to raise cash quickly.

These companies often imitate the Strategy model, using cryptocurrencies such as Bitcoin as core reserves, and previously relied on equity premium issuance and convertible bond financing.
However, with the current market cooling and Bitcoin's weak performance, they are beginning to adopt riskier financing methods such as PIPE (private equity investment), discounted equity issuance, and structured equity products to inject liquidity and continue accumulating crypto assets.
Industry insiders point out that while this move can alleviate short-term funding pressure, it also exacerbates concerns about shareholder dilution, stock price volatility, and systemic risks.