Analysis: Bitcoin Treasury's debt risk is exaggerated, and most debts will mature in the next two years or more

Research Head Alex Thorn from Galaxy Digital wrote that concerns about Bitcoin treasury companies and their potential debt issues have been exaggerated. He pointed out that the overall debt scale of these companies is not large, and most of the debt will not mature within the next 2 years. According to Galaxy Research's data chart, as of May 2025, $650 million due in July 2024, $500 million due in September 2024, and $1.05 billion due in February 2025 have been successfully repaid. The data also shows that most Bitcoin treasury companies' debt will mature between 2027 and 2030, including $1 billion in December 2027, $2 billion in March 2028, and $3.65 billion in June 2028 (the largest single amount). These data cover multiple companies including Strategy, Marathon, Riot, Semler Scientific, Marathon Holdings, and H100, with statistics as of May 27, 2025.