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Stress Test

Stress Test

After mNAV: The Bitcoin Treasury Model Under Siege

The first generation of digital-asset treasury companies converted capital-market premiums into Bitcoin. The next may need to produce cash.
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Borrowed Confidence
Stress Test

Borrowed Confidence: Restored Appetite for Leverage Is Threatening Bitcoin

Bitcoin’s relief rally has restored appetite for leverage. But the trigger levels haven’t moved. Bitcoin’s recovery has done one thing with great efficiency: it’s made leverage feel reasonable again....
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Recent Posts

  • Critical Risks in Accepting Tokenized Assets as Collateral
  • After mNAV: The Bitcoin Treasury Model Under Siege
  • The Carry: What Should Stablecoin Proceeds Earn?
  • Did You Think You Were Safe? DeFi Lending Exposed.
  • The Squeeze Trap: Bitcoin’s Coiled Spring Has Two Ends

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  • Collateral Damage
  • Stress Test
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Obsidian Black ("Obsidian") is a brand operated by Obsidian Black Financial Services Inc. The information provided on this website is for informational purposes only and does not constitute investment, legal, tax or financial advice, nor an offer or solicitation to buy or sell any financial instrument or digital asset.

Obsidian does not provide custodial services or operate a trading venue. Services are offered exclusively to institutional and eligible counterparties, subject to applicable laws and jurisdictional restrictions.