Presto Research claims that the risks of Crypto Assets financial companies are smaller than you might think.

According to Gate News bot news, CoinDesk reports that a new report from Presto Research believes that financial companies like Strategy and Metaplanet are not just leveraged Bitcoin ETFs, but a new type of financial engineering, with risks smaller than many investors think.

The latest financing of Strategy raised nearly $1 billion through perpetual preferred shares, indicating that the issuer can take advantage of BTC’s volatility. These securities, along with convertible bonds and market stock sales, allow CTC to fund the accumulation of active encryption without triggering margin risks.

Presto pointed out that the BTC of Strategy is uncollateralized, and the bonds of Metaplanet are also unsecured, which means that collateral liquidation (a major trigger for the cryptocurrency bubbles burst in the past, such as Celsius and Three Arrows) is basically non-existent here. This does not eliminate the risk, but changes the nature of the risk.

Presto believes that the real challenge is not the risk of cryptocurrency itself, but the discipline of managing dilution, cash flow, and capital timing. Metaplanet’s “Bitcoin yield” metric measures the number of BTC per share fully diluted, reflecting a focus on shareholder value.

As long as CTC can control the financial mechanisms behind its accumulation strategy, they can achieve net asset value premiums similar to high-growth companies in traditional markets. But if they miscalculate, the tools that drive their rise may also accelerate their decline.