This is all spot on; I’d just add that companies are not necessarily the distinct problem here - there are plenty that stack bitcoin with zero leverage. Plenty of individuals get over their skis with leverage also, trying to accelerate their stack. And max pain is often the result and they get sniffed out.
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Agreed. The issue is not companies holding Bitcoin. It is leverage. Firms and individuals that stack with no debt remove the failure mode entirely. Bitcoin works best when it is earned and held, not accelerated through borrowing.
We do not use leverage to accumulate Bitcoin. We do not plan on selling to service liabilities. We are happy to exchange sats for real value when it makes sense, but not under obligation. That distinction matters. Hard money rewards patience and productivity. Debt reintroduces fragility the system was designed to remove.