Bitcoin treasury company sells $20M BTC at a loss as its stock collapses after buying at $118k

Bitcoin enters April with a price carrying the weight of macro conditions, corporate balance sheets, and the credibility of the public wrappers built around it. CryptoSlate has already laid out the broad structure: public equities created a new channel for balance-sheet demand, the premium on that demand opened the door to further issuance, and the cycle began feeding itself. Later coverage on slowing purchase volume…