The dirty secret of the "corporate Bitcoin treasury" model: it is a pure capital-harvesting vehicle with zero internal earnings power. In standard corporate finance, a company services debt and builds cash reserves from operational profits (EBITDA / Free Cash Flow). With treasury copycats: 1. Core business operations are stagnant or running at net losses. 2. Interest payments and debt buybacks are covered by selling newly printed stock (ATM dilution). 3. Asset accumulation depends entirely on new investors bidding up the equity premium. They don't create economic value—they financialize the spread between their stock multiple and spot Bitcoin. When new capital floods in, the share printer looks like an infinite growth engine. But when the cycle turns and new buyers dry up, a company with no operational cash flow has nowhere to turn when its debt bills come due.