Strive chief investment officer Ben Werkman argues that Bitcoin treasury companies can improve long-term shareholder value by balancing share issuance, credit instruments and share buybacks, according to a PANews report published on November 10, 2026, at 08:05:04 UTC+8.
In a post on X cited by PANews, Werkman described three main capital-management tools for Bitcoin treasury companies, also referred to as DATs:
- Common-share issuance: Companies typically raise money by issuing common shares and buy BTC when their shares trade above the value of their Bitcoin holdings.
- Preferred shares and debt: Companies can fund BTC purchases through preferred shares or credit instruments such as bonds to avoid diluting existing shareholders. Werkman also described these instruments as a way to increase leverage.
- Share buybacks: When shares are undervalued or a company has excess cash, Werkman said repurchases can increase per-share value.
His central argument is that companies should balance issuing equity at a premium, adding leverage through bonds and preferred shares, and repurchasing stock.
That is a proposed strategy, not evidence of a guaranteed outcome. The supplied report presents Werkman’s view but provides no company-specific results or supporting calculations demonstrating that this balance improves long-term shareholder value.