TD Securities Formalizes Public Bitcoin Treasury Companies (PBTCs) as Distinct, Investable Equity Category

TD Cowen, a division of TD Securities, has introduced Digital Asset Treasuries (DATs) as a distinct, investable equity category for Public Bitcoin Treasury Companies (PBTCs). This move shifts focus from speculation to a rigorous valuation framework for companies actively managing Bitcoin as treasury capital, aiming to drive institutional adoption. Unlike passive Bitcoin ownership or ETPs, PBTCs are designed to compound Bitcoin-per-share, access institutional leverage, and exploit capital markets for accretive Bitcoin acquisition. TD Cowen proposes new Bitcoin-centric Key Performance Indicators (KPIs) like BTC Yield, BTC Torque, and BTC Rating to measure success and manage risk. The firm's thesis is based on Bitcoin's potential as a digital gold alternative, projecting an $8 trillion market cap by 2035 and a potential price of $1.1 million per coin if it reaches parity with gold. This framework supports the evolution of these companies into "Bitcoin Banks" and validates specialized vehicles like MicroStrategy, Strive, and Nakamoto, signaling the integration of Bitcoin-native balance sheets into traditional finance.

(Source：Bitcoin Magazine)