Corporate Bitcoin treasury strategies are no longer limited to one or two high-profile companies.
Strategy still dominates the category with roughly 845,000 BTC, but a growing number of public companies now hold Bitcoin directly on their balance sheets. Public-company treasury data currently shows well over 1.2 million BTC held across tracked corporate entities.
What interests me is that the strategy itself is also evolving.
Some companies are no longer simply using excess cash to buy Bitcoin. They are issuing:
- common stock;
- convertible debt;
- preferred shares;
- other structured securities
specifically to increase BTC exposure.
That effectively turns the company into a leveraged Bitcoin acquisition vehicle.
The upside is obvious when BTC appreciates and the company can repeatedly raise capital above the value of its underlying holdings.
The risk is equally obvious when:
- Bitcoin falls;
- equity trades below NAV;
- financing costs increase;
- dilution becomes excessive;
- investors stop rewarding the treasury strategy.
So I think the real question is whether this becomes a durable corporate-finance model or remains something that only works under favorable Bitcoin market conditions.
Would you invest in a Bitcoin treasury company instead of simply holding BTC or a spot ETF?
If yes, what premium to NAV would you consider reasonable?