Strive Chief Investment Officer Ben Werkman argued that Bitcoin treasury companies should balance common-stock issuance, credit financing and share buybacks while considering the interests of both common and preferred shareholders, according to a November 10, 2026 report from TechFlow citing his post.
Different routes to more Bitcoin per share
Werkman said that when a company’s common-stock market capitalization exceeds the fair value of the Bitcoin on its balance sheet, issuing shares and using all the proceeds to buy BTC can increase Bitcoin holdings per share.
Using surplus cash to repurchase shares can also raise that measure, he said, but reduces cash reserves.
Financing carries obligations
In Werkman’s assessment, issuing credit products to purchase Bitcoin can increase Bitcoin per share without issuing additional common stock. However, it also creates dividend obligations and a cost of capital.
He cautioned that continually using preferred-stock financing to repurchase common shares could weaken the asset backing for dividends and affect credit quality. His argument therefore weighs improvements in Bitcoin per share against cash reserves, financing costs and obligations to different shareholder groups—not that any one financing method is always preferable.
Source: TechFlow original report, published November 10, 2026, at 08:07:30 (UTC+8).