What is the future of Bitcoin treasury companies?
Whoever can first turn BTC holdings into yield-generating assets will be able to achieve sustainable premiums again.
Whoever is the first to turn BTC holdings into yield-generating assets will be able to regain sustainable premiums.
Written by: Yue Xiaoyu
Recently, the bitcoin treasury company MicroStrategy is about to be removed from global index funds. This could mean an outflow of $8.8 billions, which would be a huge blow to the price of bitcoin. So, what is the future for bitcoin treasury companies? What is the future of the DAT model?
The DAT model is not just about traditional companies borrowing money to buy coins. More importantly, the interests of traditional companies are now tied to the ecosystem of this token.
Contrary to what many people think, many bitcoin treasury companies are already actively promoting the development of the bitcoin ecosystem. Proactively building the bitcoin ecosystem is currently one of the few reliable ways for DAT companies to reignite their market value premium. During bearish market periods, this approach can even create more sustainable premiums than simply hoarding more BTC. The market has already voted with real money to prove this point. Here is a table listing the ecosystem development progress of some mainstream bitcoin treasury companies.
Breaking the Pure Holding Deadlock
For companies that hoard coins, as long as BTC does not rise, or financing channels are blocked, CPS (supplementary bitcoin) will not be able to increase in value, and the price will inevitably go to zero. Building an ecosystem is like installing a second or even third engine for themselves, allowing for supplementation, technological barriers, and new growth narratives.
Turning Dead Assets into Active Yields
For example, Hut 8, Core Scientific, and Bitdeer turn their BTC holdings and computing power into HPC resources that can be leased to large model companies like OpenAI and xAI, generating an annualized yield of 8-15% and directly producing USD revenue. The market’s valuation logic becomes: BTC holdings (1.0x) + value-added yield (an additional 0.5-1.0x premium).
Seizing New Narrative Cycles
In fact, the bitcoin ecosystem still supports new narratives, from the initial Ordinals protocol to later bitcoin Layer2 and BTCFi, etc. As long as a company is willing to invest money, teams, and branding to become the new leading listed company in this cycle, retail and institutional investors are willing to give a 2-3x premium again. MARU and Blockchain Group are typical examples.
From Capital Game to Open Platform
The old logic: premium → additional issuance → buy BTC → push up stock price (closed, reflexive, extremely fragile). The current logic: BTC holdings + ecosystem project portfolio + external developers / capital inflow → platform value → sustainable premium.
In Summary
The market is increasingly skeptical that simply hoarding coins can maintain a premium.
The only way to truly reignite mNAV is for companies to turn bitcoin from dead gold into a living ecosystem. Whoever is the first to turn BTC holdings into yield-generating assets will be able to regain sustainable premiums.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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