I only learned a bit of the Strategy mode, but I inherited all the risks—this move really maxed out the leverage.

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 emulate the Strategy model, using cryptocurrencies like Bitcoin as core reserves, and previously relied on equity premium issuance and convertible bond financing. However, as the market cools and Bitcoin performance remains weak, they are beginning to adopt more risky financing methods such as PIPE (private investment in public equity), 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 over shareholder dilution, stock price volatility, and systemic risks.