Strive Chief Investment Officer Ben Werkman outlined a three-pronged financing strategy for Bitcoin treasury companies (DATs), emphasizing the need to balance equity issuance, credit instruments, and share buybacks. According to Werkman, DATs typically raise capital by issuing common stock when their share price trades above the value of their Bitcoin holdings, allowing them to purchase additional BTC without diluting existing shareholders excessively. To further optimize capital structure, companies can utilize credit products such as preferred stock or bonds to fund Bitcoin acquisitions. Werkman noted that when share prices are undervalued or excess cash is available, executing buybacks can effectively boost per-share value. He concluded that maintaining a strategic equilibrium among these three approaches—leveraging share price premiums for equity, raising leverage through debt instruments, and conducting timely buybacks—is essential for increasing long-term shareholder value in Bitcoin-focused firms.