[73% of Bitcoin treasury companies carry debt, with 39% of companies having liabilities exceeding the total value of their Bitcoin holdings] According to a report by Golden Finance, the latest dataset released by CoinTab reveals that most publicly tracked Bitcoin-holding companies are not merely sitting on a large amount of (digital) gold. While holding Bitcoin, they also bear considerable debt. In many cases, the total liabilities even exceed the value of the Bitcoin itself. Among companies holding Bitcoin on their balance sheets, 73% carry debt, and 39% of these companies have liabilities exceeding the value of their Bitcoin holdings based on current prices. Approximately one-tenth of these companies appear to have directly accumulated Bitcoin through borrowing, turning their reserve strategy into leveraged trading.