Analysis: The debt risk of bitcoin treasury companies has been exaggerated, and most of the debt will not mature until more than two years later

Alex Thorn, head of research at Galaxy Digital, said in a post that concerns about bitcoin treasury companies and their debt could be a problem are overblown. He pointed out that the overall size of these companies' debt is not large, and most of the debt will not mature until more than two years in the future.
According to Galaxy Research's data chart, as of May 2025, $650 million due July 2024, $500 million due September 2024, and $1.05 billion due February 2025 have been successfully repaid.
The data also shows that most of the Bitcoin treasury company's debt will mature between 2027 and 2030, including $1 billion in December 2027, $2 billion in March 2028, and $3.65 billion in June 2028 (the maximum single amount). The data covers several companies including Strategy, Marathon, Riot, Semler Scientific, Marathon Holdings, and H100, as of May 27, 2025.