UTXO Management: Asian bitcoin treasuries need cash flow, not just BTC buys
- —Waldrop: funding BTC purchases from business cash flow beats repeated capital raises
- —Hong Kong makes the classic refinance-backed treasury model difficult to operate
- —UTXO Management's key metric is growth in bitcoin per share
- —Main near-term risk is a rapid unwind of yen carry trades
Why it matters: The way treasuries are judged is shifting from BTC holdings to business quality, changing the criteria for investors in Asia.
Source: TokenPost
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