Strive CIO Warns Convertible-Debt Bitcoin Treasury Firms May Face Forced Sales if Prices Stay Weak

Strive Chief Investment Officer Ben Werkman said Bitcoin treasury companies that rely on convertible-debt financing could face rising pressure to sell Bitcoin if prices remain depressed, as they seek to fund operations or repay debt. According to ChainCatcher, Werkman made the comments at the BTC Prague event and said industry consolidation would be difficult to avoid under prolonged price weakness. He noted that Bitcoin has fallen about 50% from its roughly $126,000 record high in October last year. Werkman said Strive previously chose to raise capital only through equity financing and not issue convertible debt, which he argued helped the firm continue operating through a bear market. He cited Strive’s acquisition of Semler Scientific as an example of consolidation in the sector. He also said companies including Nakamoto are actively reducing leverage to regain operational flexibility.