Facing a crisis, Bitcoin treasury companies need to pivot to survive

Bitcoin treasury companies enjoyed a period of growth fueled by a cycle of announcing Bitcoin purchases, rising stock prices, and issuing new shares to buy more. However, this cycle has broken, with roughly 40% of publicly traded Bitcoin treasuries now trading at a discount to their net asset value. Critics argue that many firms are poorly managed, relying on unsustainable practices like 'accretive dilution.' The article distinguishes between 'Promoters,' who passively hoard Bitcoin and rely on market hype, and 'Asset Managers,' who actively manage Bitcoin as a commodity to generate returns. The author argues that the era of accretive dilution is over and that companies must adopt active management strategies, such as basis trading and options strategies, to generate real yield and demonstrate financial stewardship to investors.

(Source：CoinDesk)