Strategy vs. Bitmine: Who Faces Greater Forced-Seller Risk in Crypto?

TLDR: Strategy holds 844,000 Bitcoin funded by $7B in convertible debt maturing between 2028 and 2030. Bitmine holds 4.5% of Ether’s total supply, financed through equity and perpetual preferred stock. Strategy faces a refinancing wall at maturity; Bitmine carries no maturity date or principal due. Bitmine’s only pressure is economic, not contractual, making forced Ether [...]

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