Strive CIO made a very honest statement: if Bitcoin remains weak, crypto treasury companies relying on convertible bond financing will face pressure, and industry consolidation could accelerate.

This statement is in the context of Strive itself recently increasing its holdings by $4.7 million to acquire 73 BTC, with a total holding of 19,105 BTC, and insisting on a pure equity model, avoiding convertible bonds.
On the other side, Strategy (MSTR) bought another 1,587 BTC last week for $100 million, with a total holding of 846,842 BTC, and an unrealized loss of $7.98B.
Bitmine is even more extreme, holding 5.62 million ETH, with an unrealized loss of $9.33B.
Behind these numbers is the same structural issue: during the last bull market, many companies used convertible bonds to leverage and buy coins; now, with coin prices below cost basis, debt maturity pressures are building.
Strive says that rating agencies' conservative valuation of Bitcoin holdings is a key industry issue—if banks do not assign proper prices to these assets, financing channels will narrow.
In the short term, a Bitcoin rebound can ease on-balance sheet pressure, but the leverage structure has not disappeared.
If prices fall further, selling Bitcoin to pay off debt and mergers and acquisitions will become a reality.
Strive’s acquisition of Semler Scientific is a case in point.
The risk is that the behavior of these treasury companies will itself influence market supply and demand.
Large-scale selling could create negative feedback, while mergers and consolidations might lead to more concentrated chips.
For traders, beyond watching prices, changes in the asset-liability structure of treasury companies are a deeper signal.
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