Galaxy Research Clarifies Bitcoin Treasury Debt Concerns: Majority Matures Post-2027

Galaxy’s Head of Research, Alex Thorn, recently addressed concerns regarding the debt associated with Bitcoin treasuries, emphasizing that the perceived risks have been overstated. According to data from Galaxy Research, the aggregate debt held by these firms remains manageable, with most obligations extending beyond a two-year horizon. This mitigates immediate financial pressure on the sector.

As of May 2025, key repayments have been successfully completed, including $650 million due in July 2024, $500 million in September 2024, and $1.05 billion in February 2025. These repayments reflect a disciplined approach to debt management among prominent Bitcoin treasury companies, reinforcing market confidence.

Looking ahead, the bulk of debt maturities are scheduled between 2027 and 2030. Notable upcoming maturities include $1 billion in December 2027, $2 billion in March 2028, and the largest tranche of $3.65 billion in June 2028. This debt profile encompasses major industry players such as Strategy, Marathon, Riot, Semler Scientific, Marathon Holdings, and H100, highlighting a structured timeline for financial obligations within the crypto treasury landscape.