A recent report indicates that the company primarily finances its Bitcoin holdings through stock and convertible bond issuances. Despite having strong capital market financing capabilities, the company faces high business concentration, low dollar liquidity, and a fragile capital structure. S&P has identified a currency mismatch risk between Bitcoin and the dollar due to the company's asset structure. Additionally, the company's risk-adjusted capital (RAC) is negative, and its operating cash flow remains in the red, with its main revenue source being the appreciation of Bitcoin prices.