Here’s the thing about Bitcoin treasuries most people in crypto just don’t get them, and that mix-up can hit your wallet harder than you think. You need to know this: companies holding piles of Bitcoin aren’t the same as Bitcoin itself.

At first glance, it looks easy. Want exposure to Bitcoin? Just buy stock in a company that hoards it, like Strategy (remember when they were called MicroStrategy?). They turned their balance sheet into a giant Bitcoin vault and got everyone talking. But buying shares in these companies doesn’t mean you actually own Bitcoin. Not even close.

Here’s where it gets tricky leverage. Most of these treasury firms don’t just buy Bitcoin with cash. They borrow money, issue convertible notes, or sell more shares to load up on BTC. So when Bitcoin rockets, their stock can blast off even faster. Sounds great, right? But the flip side is brutal. When Bitcoin drops or just sits there, these stocks can sink much harder, and for longer. The pain cuts deeper.

That’s not all. There’s this sneaky thing called dilution. A lot of these companies keep printing new shares to buy more Bitcoin. Sure, their stash grows, but your slice of the pie gets smaller. So even if Bitcoin’s price jumps, you might not see as much of that upside.

And don’t forget the boring stuff balance sheets, interest payments, and accounting headaches. Even if Bitcoin doesn’t budge, things like refinancing or new accounting rules can squeeze these companies. Sometimes, they get pushed so far they have to sell Bitcoin or completely rethink their business.

Bottom line: Bitcoin treasuries aren’t just “Bitcoin in disguise.” They’re supercharged bets, loaded with risk and reward. In a bull market, they can be rocket fuel. If you don’t know what you’re getting into, though, you’re playing with fire.