The Rise and (Mostly) Fall of the PIPE Model in Bitcoin Treasury Strategies

"The Rise and (Mostly) Fall of the PIPE Model in Bitcoin Treasury Strategies: An Examination of Its Initial Success, Subsequent Challenges, and Implications for Companies Adopting Cryptocurrency Investments in Their Financial Strategies." source: https://www.coindesk.com/markets/2025/10/14/the-rise-and-mostly-fall-of-the-pipe-model-in-bitcoin-treasury-strategies