It is extremely positive for Bitcoin that a number of Bitcoin mining companies have adopted a strategy of buying as well as mining bitcoin for their corporate treasury. When mining companies start purchasing bitcoin, it helps turn the entire mining network from net distributors into net acquirers of Bitcoin, which is very bullish for price. Sometimes people ask "But if they can really mine bitcoin for cheaper than they can buy it, why would they buy it?" It's a good question. The answer is that you can benefit from the price appreciation of bitcoin immediately. Whereas if you invest that into capital for mining equipment, it will take many months to get a return. So at times when you think Bitcoin is more likely to rise aggressively in price, raising debt/equity to add to your corporate treasury is a prudent strategy that gives a mining company more optionality than if it only uses mining as its method of acquiring bitcoin