The treasury strategy is something like what Saylor did with Microstrategy. He took out loans and purchased bitcoin with the funds.

The idea is that bitcoin appreciates at a faster rate than interest accrues. So, you can repay the loan with less than the amount of bitcoin that was purchased.

Lenders aren’t interested in bitcoin, though. They want to make sure they get paid back, so they’ll only loan as much as can be repaid with the business’ revenue.

The idea is that you can accumulate a Bitcoin stockpile this way. It only makes sense if you expect bitcoin to appreciate faster than the interest rates you can get on a loan.