Opinion
Bitcoin Treasury Companies Are Learning That HODL Is Not a Capital Structure
The premium that funded two years of accumulation has vanished across much of the sector.
Karani Clifford
September 23, 2026
My name is Karani Clifford, and I’m a crypto journalist and blockchain analyst with a technical background in Web3 development. My work focuses on cryptocurrency news, market developments, and the broader adoption of digital assets, with particular expertise in Bitcoin, Ethereum, DeFi, NFTs, Web3, blockchain technology, regulation, and emerging industry trends. I aim to provide clear and well-researched coverage that gives readers a better understanding of the developments shaping the crypto market.
Alongside my journalism and analysis, I have hands-on experience developing Web3 applications and blockchain-based products. I have built responsive websites and dashboards using React, Node.js, and Web3.js, integrated blockchain APIs for wallet authentication and transaction tracking, and developed smart contract prototypes for tokenized assets and decentralized applications. This combination of technical and editorial experience allows me to approach crypto stories with both a strong understanding of the underlying technology and a focus on accurate, transparent reporting
The premium that funded two years of accumulation has vanished across much of the sector.