Analysis: Bitcoin Treasury Company's Debt Risk Exaggerated, Majority of Debt Matures in Over 2 Years

According to a report by Jinse Finance, Alex Thorn, Head of Research at Galaxy Digital, stated that concerns about Bitcoin treasury companies and their debt potentially becoming an issue are exaggerated. He pointed out that, in terms of overall scale, the debt levels of these companies are not large, and most of the debt will not mature for more than two years. Data charts from Galaxy Research show that as of May 2025, debts of $650 million due in July 2024, $500 million due in September 2024, and $1.05 billion due in February 2025 have been successfully repaid. The data also indicates that most of the debt of Bitcoin treasury companies will mature between 2027 and 2030, including $1 billion in December 2027, $2 billion in March 2028, and $3.65 billion in June 2028 (the largest single amount). These figures cover multiple companies, including Strategy, Marathon, Riot, Semler Scientific, Marathon Holdings, and H100, with statistics up to May 27, 2025.