Besides inviting invalidation by the courts, both the coin and the bonds would probably count as debt and therefore fail to achieve the purpose of avoiding the ceiling.

Source: https://www.centralmaine.com/2023/05/20/commentary-the-best-way-to-deal-with-the-debt-ceiling-ignore-it/

Unless we see more continuation, this is probably a decent short area with clear invalidation.

Source: https://www.benzinga.com/markets/cryptocurrency/23/03/31569178/bitcoin-ethereum-dogecoin-spike-despite-crypto-exchange-shutdown-after-sec-lawsuit-analyst