Concerns about the debt levels of Bitcoin Treasury companies are exaggerated, according to Alex Thorn, head of research at Galaxy Digital. Thorn highlights that the overall debt size is manageable, with most obligations not maturing until 2027 or later. As of May 2025, significant debts totaling $2.2 billion due in 2024 and early 2025 have already been repaid. Future maturities include $1 billion in December 2027, $2 billion in March 2028, and $3.65 billion in June 2028, involving companies like Strategy, Marathon, and Riot.