If the "Bitcoin treasury companies" get overleveraged and finance bitcoin purchases through debt, then it poses a risk to the entire market that when the price goes south and reaches a certain level, those companies will be forced to sell. And when they do a mass sell-off, the price would go even lower, triggering another liquidations.
So I'm not a big fan of such companies getting too much share in the market, and that's what their strategy essentially is, i.e. keep buying bitcoins, so the price keeps going up, so their assets value increases so they can raise/borrow more funds to buy more bitcoins.
Of course, don't let reality spoil your anti-capitalist prejudices. Strategy's debt is not convertible to bitcoin, so what you're saying is nonsense, besides the fact that it fluctuates between 15 and 20%, which is a very healthy ratio under financial standards. Another thing you'd have to explain is how, in the previous bear market with a 75% decline and debt convertible into bitcoin, Strategy didn't sell a single bitcoin, but you say so much nonsense based on prejudice that I'm sure you're not going to let reality debunk it.
It appears there are still people who have not understood what is the definition of a market bubble...
Sure, you keep doing your thing.