According to The Financial Times, crypto treasury companies are shifting to a new high-risk equity instrument to raise cash quickly. These companies often emulate the Strategy model, using cryptocurrencies like 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 temporarily ease funding pressures, it also exacerbates concerns about shareholder dilution, stock price volatility, and systemic risks.