Bitcoin Treasury Companies, Wither Thence
Bitcoin treasury companies must evolve beyond simple BTC holding to generate yield or complementary business models to sustain premiums above Net Asset Value.Summary
Over 160 public companies now hold nearly a million BTC, trading based on their ability to deliver Bitcoin per share, often achieving market capitalizations above Net Asset Value (mNAV > 1). The initial phase, defined by replicating Michael Saylor’s strategy, is ending, requiring these firms to find durable ways to justify their premium multiples. The next phase involves three key levers: generating incremental Bitcoin per share through yield strategies like BTC-backed lending; carefully using leverage by pledging BTC as collateral for USD deployment; and developing complementary business models, acting as the "picks and shovels" for the Bitcoin economy. Companies that fail to professionalize and adopt these strategies risk drifting into irrelevance, while those that succeed could become the equity layer of a new monetary system, moving beyond being mere Bitcoin proxies.
(Source：CoinDesk)