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A specter is haunting crypto — the specter of cheap leverage.

“Digital Asset Treasury companies” (DATs) are assembling stockpiles of bitcoin by funding it with primarily cheap debt and equity.

It’s particularly weird because it’s not just financial services companies in the mix. GameStop has bought 4,710 BTC, the Japanese hotel business Metaplanet has built up $930 million in BTC holdings, and the Singapore-based Basel Medical Group announced a purchase agreement of up to $1 billion in BTC.

Not one to be left out of the spotlight, Trump Media also announced its own $2.5 billion…

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