<ul data-eligibleForWebStory="true"><li>Bitcoin treasury companies are in the spotlight, with aggressive financial engineering attempts being made.</li><li>The article discusses how financial alchemy and speculative plays might resemble Ponzi schemes.</li><li>Critics argue that these companies may underperform compared to simply holding Bitcoin in treasury.</li><li>The author questions the sustainability of strategies that rely on continuous inflow of new funds.</li></ul>

Are Bitcoin Treasury Companies Ponzi Schemes?

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