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Shiraz Jagati

Capriole's Charles Edwards Warns Bitcoin Treasury Leverage Is Rising at Record Rates

Capriole Investments founder Charles Edwards says bitcoin treasury firms are adding debt at record levels to finance BTC accumulation, arguing the approach depends on unsustainable "fake yield". He links the dynamic to an October 2025 warning and says the roughly 200 treasury vehicles could amplify selloffs if prices drop. The comments come as Strategy holds about 76% of corporate BTC and, per Cryptoquant, non-Strategy buying fell to a combined 1,000 BTC over 30 days, down 99% from an August 2025 peak.
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