On June 18, 2026, Capital B placed a rare large chip on the table at the shareholders' meeting: a total of 164,555,315 voting rights were held by voting shareholders, representing 54.748% of the voting rights, which passed a package of capital operation authorizations with a high approval rate of over 95%—a maximum capital increase of 5 billion euros and a maximum credit limit of 100 billion euros, which translates to approximately $5.76 billion in new share issuance space and about $115.2 billion in credit tools. According to a single source, these authorizations were clearly defined as "used to accelerate the Bitcoin reserve strategy," meaning Capital B is no longer content to be a passive Bitcoin whale, but is ready to leverage its treasury position like a company rather than merely a holder of coins through "equity + credit" leverage tools. Almost at the same time, Jiang Zhuoer provided an interpretation of MicroStrategy's funding structure: the company holds approximately $55 billion in Bitcoin assets, backed by instruments like STRC preferred shares—these are not traditional debt, there is no classic compulsory repayment pressure, yet they incur about $1.7 billion in dividend expenses each year, which in theory can be covered by selling a portion of Bitcoin over about 32 years. The briefing pointed out that this design of using the Bitcoin asset pool to cover the preferred stock dividends is still rare in the industry, on one end MicroStrategy has a long-term structure centered around preferred shares, while on the other end Capital B pushes forward with aggressive authorizations leveraging capital increase and massive credit; these two paths were juxtaposed in the same context on that day, becoming the starting point for the market to reassess how "Bitcoin treasury companies" should tell their stories in the capital market.

95% Shareholder Bet

The climax of the shareholders' meeting on June 18 was not in the lengthy agenda, but in the few numbers that finally fixed on the big screen. A total of 164,555,315 voting rights were held by voting shareholders, accounting for 54.748% of the total voting rights, with every vote pressed by those present and online summed up to an almost indisputable result: the relevant capital increase and credit authorizations had an approval rate exceeding 95% (according to a single source). In the context of the capital market, this is close to the strength of "unanimous consent," with opposing voices suppressed in the noise zone, and what is really amplified is the collective attitude of "we are willing to place our bets alongside the company."

The release authorized by the vote is also not a small number. The maximum capital increase authorization of 5 billion euros, at the time converted to about $5.76 billion, combined with the maximum credit tool limit of 100 billion euros, approximately $115.2 billion (according to a single source), equates to simultaneously opening two pipelines for equity and debt, specifically for one thing—accelerating the Bitcoin reserve strategy. From the outside perspective, such a scale of authorization paired with a 95% approval rate not only gives management a "blank check," but also publicly endorses the company's Bitcoin narrative: the market may question whether this is a gamble, but it is hard to question whether there is sufficient concentrated internal consensus behind this gamble.

Leverage on Dual Wheels of Equity + Credit

The shareholders' meeting presented two sets of tools that are fundamentally different but point to the same goal: one side is the authorization for a new share issuance of up to about 5 billion euros, directly enlarging the equity base and enabling "real" expansion of future Bitcoin positions on the balance sheet; the other side is the authorization for credit tools of up to about 100 billion euros, resembling a long-open ammunition belt that can rapidly bring cash to the table through loans, credit lines, etc., when needed. The briefing clarified that these two pipelines are unified under the framework of "accelerating the Bitcoin reserve strategy," rather than simply for optimizing financial indicators, which means that whether diluting existing shareholders or elevating asset-side leverage, management is seeking maximum capital flexibility for the same narrative.

From the shareholders' perspective, this combination of "equity + credit" leverage on dual wheels is akin to simultaneously pressing the dilution and leverage buttons: new share issuance spreads the upside potential of Bitcoin over more shares, but it also gives the company a thicker equity buffer on paper; large credit tools, meanwhile, significantly expand the potential liability space without immediate dilution, binding future earnings and repayment ability even closer to Bitcoin prices. What truly perplexes the market is that the briefing did not provide a timeline for when and how this 5 billion euros and 100 billion euros will be activated in batches, nor did it specify the exact allocation between spot and derivatives, and in this information vacuum, the authorization itself has been amplified into a gesture: how high is this company willing to push its capital structure for the Bitcoin treasury, becoming a question every investor must answer independently.

Jiang Zhuoer’s Calculations

At the same time that Capital B maximized its credit, Jiang Zhuoer turned his attention to another "model house"—MicroStrategy. He picked up a set of extremely rough yet intuitively significant numbers: the company holds about $55 billion in Bitcoin assets, corresponding to STRC preferred shares that require about $1.7 billion in dividends each year. Jiang Zhuoer’s calculation is very simple: if you divide 550 by 17, the conclusion is a long cycle that would make most scholars frown—in theory, as long as one is willing to sell a small portion of Bitcoin each year, this pool of assets on the books can cover about 32 years of dividend expenses. In other words, from his perspective, MicroStrategy is not betting everything in a "gamble," but is using an already established Bitcoin position to back its future decades of dividend obligations.

The premise of this calculation's validity is the legal form of STRC. Jiang Zhuoer emphasizes repeatedly that STRC belongs to preferred shares, not traditional debt instruments. Debt means interest and principal repayment times are written into a contract; if interest is not paid, it is a default, and if principal is not returned, it triggers liquidation; preferred shares shift the pressure from "must repay" to "can you sustain dividends," focusing more on the balance between dividend expectations and the asset pool, rather than a bomb that will explode on a fixed date. The briefing also signals that this structure of using the Bitcoin asset pool to cover preferred stock dividends is still rare in the crypto industry, which does weaken short-term liquidity pressure but places everything on the long-term strength of Bitcoin pricing. The core logic extended from this is to use a pool of Bitcoin assets to smooth out decades of dividend curves; whereas Capital B’s approach to leverage through equity plus a maximum of 100 billion euros in credit authorization is closer to writing obligations into the bank and creditors' books, in Jiang Zhuoer’s view, this difference is a key reference for assessing the sustainability of the two types of treasury paths.

Risk Confrontation of Two Treasury Paths

When viewed on the same balance sheet, Capital B and MicroStrategy follow two entirely different paths of treasury leveraging. On one side is Capital B: the shareholders' meeting provided a maximum capital increase authorization of 5 billion euros along with a maximum credit tool authorization of 100 billion euros. The former means future funding can be exchanged through new share issuance, diluting existing shareholders, while the latter is a standard debt-like tool that naturally carries clear repayment obligations—interest must be paid according to an agreed schedule, and principal must be returned at maturity, with the repayment priority higher than equity capital. On the other side is MicroStrategy: it relies more on financing through instruments like STRC preferred shares. Jiang Zhuoer repeatedly emphasizes that these types of tools structurally "do not have the kind of mandatory principal repayment pressure traditionally associated with debt," while using about $55 billion in Bitcoin assets as a buffer, corresponding to covering about $1.7 billion in annual preferred stock dividends, which he describes as potentially "theoretically smoothing the 32-year dividend curve."

The true confrontation lies in where these two structures place their risks when Bitcoin prices fluctuate wildly. Capital B tends to write risks into debt contracts: the cash flow from credit tools is rigid, interest and maturity payments wait for no one, and if the Bitcoin price experiences a significant drop during a certain period and the company fails to cover the gap through issuing new shares or other means, liquidity pressure will escalate more rapidly in financial statements and stock prices. In contrast, MicroStrategy has placed more pressure along the timeline: preferred shares do not have the hard constraints of traditional debt that require principal repayment upon maturity, but approximately $1.7 billion in annual dividend expenses still depend on that pool of Bitcoin to "feed," and if Bitcoin's long-term performance falls short of expectations, the so-called 32-year buffer is just a set of static calculations; two or three rounds of bear markets could easily erode a significant portion of that safety cushion. The commonality is that both companies are using Bitcoin price performance as the leverage pivot; the difference is that Capital B borrows time from banks and creditors, while MicroStrategy borrows patience from preferred shareholders for the coming decades. For newcomers, choosing which path ultimately translates to selecting different rhythms of risk and positions of survival lines.

The Next Steps for Crypto Public Companies

Capital B and MicroStrategy have already laid out their two paths: the former received maximum capital increase authorization of 5 billion euros and maximum credit authorization of 100 billion euros through the shareholders' meeting, moving from "lying flat with Bitcoin" to actively leveraging equity and bank credits to increase positions; the latter exchanged STRC preferred shares for a pool of about $55 billion in Bitcoin assets, then used this pool to cover about $1.7 billion in annual dividends, theoretically offering a buffer of 32 years. The common point is that both companies no longer simply view Bitcoin as an asset allocation but embed it into the core of the capital structure, allowing equity, credit, or preferred shares to revolve around this asset; the difference lies in who bears the temporal risk: Capital B sells time to banks and creditors, while MicroStrategy sells time to preferred shareholders. For other companies planning to bet on Bitcoin, these two models serve as both templates and warnings—you can push your bets to the extreme with large credit lines and refinancing, or you can push short-term repayment pressure into the future with preferred shares, but ultimately both amplify the impact of a single asset's volatility on the company's fate. For investors, when evaluating such companies, they should first check whether the leverage source is bank credit, public market equity, or a preferred share like STRC; next, they need to clarify how long “asset pool covering dividends” like MicroStrategy can sustain; finally, they must closely monitor the boundaries of authorization and checks and balances on management’s leverage in the corporate governance structure because before Bitcoin is written into the company’s articles, whether the capital structure can withstand large-scale cyclic volatility will determine whether these crypto public companies are standing at the threshold of a new paradigm or heading toward the end of passive deleveraging.

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