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Corporate Treasury Adoption of Digital Assets: Financing Strategies, Market Reactions, and Advisor Incentives

Since MicroStrategy’s pioneering move in 2020 to adopt Bitcoin as a corporate treasury asset, listed firms across various sectors have explored similar strategies. This paper examines the financing mechanisms companies employ to acquire digital assets, the equity market’s reaction to such announcements, and the role of external advisors in shaping outcomes.

Aug 22, 2025

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