Companies around the globe are adopting Bitcoin treasury strategy. Michael Saylor is the founder and CEO of Strategy, formerly MicroStrategy, which has the largest Bitcoin stack in the world. Other companies have followed his example, some even catching up.
Bitcoin Treasuries has announced recently that 1,000,000 bitcoins are held by companies that trade publicly, which represents over 5% of total Bitcoin supply. This is an historic change for this novel asset, that was owned primarily by enthusiasts until very recently.
Saylor was the pioneer of this playbook and it developed in response to the Bitcoin Treasury crisis. “melting icecube” Traditional finance has a problem. Strategy, a lucrative cashflow-rich ‘business logic’ software company, was struggling to grow or keep up with inflation at the time, while competing with giants like Microsoft, which fought for every inch of the market with massive resources. The company’s cash reserves were thus ‘melting’ under inflation, a situation exacerbated at the time by the COVID-19 pandemic and the resulting monetary policy.
George Mekhail explained in an interview with Bitcoin Magazine the playbook. “goes back to Saylor’s origin story: he looked at his balance sheet, saw that his cash balance was eroding, and couldn’t keep up with inflation just by putting his money in bonds.”
Saylor reviewed his options and decided to use a Bitcoin treasury. This was because selling the company or retiring would have been the other option. Strategy, Inc. announced its transition to the bitcoin standard on August 11, 2019.
Strategy “generously announced the company would buy out any shareholders at a premium if they did not like the [bitcoin] strategy. Shortly after, on December 7th, the company announced a proposed private offering of $400 million of convertible senior notes. This offering was oversubscribed and completed for a total of $650 million of senior notes due in 2025, with a 0.750% coupon. With this move, MicroStrategy borrowed over half a billion dollars at a negative real interest rate to buy the hardest money the world has ever known.” Dylan Leclair wrote in 2021. Leclair is now leading a strategy similar to Strategy, Japan’s version of Strategy.
The year 2025 is fast approaching. “Non-endemic companies are coming to the same realization.” Mekhail noted that, of all the companies not involved with Bitcoin in any other way, many have adopted Bitcoin for their own treasuries.
The problem
Although the Bitcoin Treasury has been a success for some corporations, it is not the case with all. Some companies are now trading their Bitcoins at even higher prices. discount to their bitcoin holdings. Alex Wals -Membership Experience Lead at Bitcoin For Corporations told Bitcoin Magazine that “It seems like many of the companies in the Bitcoin-sphere, seeing rapid market cap growth, are holding companies riding bull market hype. In contrast, companies like Fold and Murano, which focus on building active business operations and generating real revenue, are not receiving nearly as much attention. This is despite potentially being better positioned long term, especially in a bear market.”
Consider, for instance, an organization like Fold Holdings Inc. (NASDAQ:FLD) recently shocked the market by announcing a huge bitcoin purchase treasury of 1492 BTCIt is the 35th largest company in terms of total BTC. Fold, a U.S. Bitcoin financial services provider with high-tech features, offers rewards, savings, payments and other options for American users via the innovative Fold app. Since 2014, the company has been developing and accumulating bitcoins. It recently went public through a merger between FTAC Emerald Acquisition Corp. The company’s market net asset value (MNAV) currently stands at less than 1, or 0.916. The company’s stock, or public share price is currently trading below the value of its bitcoins.
Murano Global Investments PLC is another example. Founded in 1996 in London, it is a company that specializes in real estate development, investment, ownership and management of luxury resorts and hotels in Mexico. They include high profile assets, such as Hyatt’s Andaz resorts and Vivid Grand Island Cancun.
Murano, which has been in business for nearly 30 years, is a success story. Its latest financial year saw a revenue of 730 MXN ($36.65 million USD), with an annual income. 155% year-over-year growth. However, The company faced many obstacles, such as a loss net of 3,57 Billion MXN due to its expanding operations.
The company’s July 2025 announcement announced that it would build a Bitcoin Treasury, beginning with an initial purchase of 21 BTC worth over $2.1 Million, financed by operating cash flow and other sources. $500 million Standby Equity Purchase Agreement (SEPA) with Yorkville AdvisorsJoin the Bitcoin for Corporations Initiative as a Member of the Chairman’s Circle to accelerate corporate adoption. Looking ahead, Murano plans to allocate a significant portion of SEPA proceeds and real estate divestitures—like sale-leaseback transactions on assets such as Grand Island Cancun condominiums—toward accumulating a robust bitcoin stack, targeting a $10 billion treasury within five years Through ongoing purchases made from its operating profits, the integration of BTC payment and rewards into their hotels, as well as installation of crypto ATMs, they are enhancing guest experience and hedging inflation.
The company’s enterprise value is now nearly $1 billion, but its market cap at $432 million is only half as high. Yahoo Finance. Stocks of the company have also been significantly corrected since its bitcoin strategy was announced, falling from $10.41 per share to $5.45, which suggests that investors do not agree with the announcement or misunderstand it. company’s pivot to Bitcoin.
Bitcoin Treasury Companies: Two types
The variation in results seen across the many Bitcoin treasury companies emerging so far has lead analysts to develop a framework that categorizes these companies into two essential types, ‘pure play’ accretive companies that follow the Strategy model of maximum bitcoin accumulation, and non-accretive sometimes non-endemic companies that add bitcoin to their balance sheet as a store of value, but optimize for other business metrics outside of the Bitcoin industry.
Mekhail explained the categories and types of Bitcoin Treasuries. “Accretive companies like MicroStrategy and MetaPlanet get the most attention because they have the most volatility in their stock and therefore they have the most speculation in the retail markets, especially.” Add that “If you’re not accretive, these companies are still very interesting. Companies like Fold, which quietly IPOed… they’re just not announcing a new Bitcoin buy every week because it’s not a core part of their strategy.”
Mekhail went deeper to understand the sentiment of investors and what they are saying about these companies. “The market really isn’t as interested in how much Bitcoin you have on your balance sheet. They are more interested in things like these new metrics that we’re seeing” Referring to MNAV (which compares the value of all bitcoins held compared with capitalization on stock exchanges), bitcoin per share (which measures how much Bitcoin each share should be worth) or yield related to bitcoin.
Chaitayan Jain, Bitcoin Strategy Manager at Strategy, In an interview with Bitcoin Magazine he said that “If the company is not valued at a significant premium or even a reasonable premium to its MNAV, it is broadly down to the belief from most of the shareholders that they may not be able to outperform spot bitcoin. Be it because the underlying operating business is not generating cash flows that are being swept into Bitcoin, or the company doesn’t have the ability to access the capital markets at high velocity to raise equity or debt and buy more bitcoin to increase bitcoin per share.”
Market Education and Investor Education
Investor education will be necessary for companies that want to see a stronger response in the market following their integration of bitcoins into their Treasury strategies. The companies will need to articulate clearly their Bitcoin thesis, and their plans to buy more. They should also explain how they plan to leverage their cash-flowing corporation status, which allows them to access credit at low rates. Jain was very explicit in stating that “It comes down to two simple ideas: access to credit in public markets, cheap credit, intelligent credit, and long-dated credit. And the second is the robustness of the operating business and the robustness of the cash flows and bitcoin not being a drag, not becoming a distraction for the company.”
Investors may also benefit by taking a close look at these companies. They often hold a very long-term view of Bitcoin and can offer investors a great opportunity. Mekhail noted, based on his experiences talking with corporations about their Bitcoin strategies, that “Once you understand Bitcoin, I think your expectations really are fairly long term. And you have this low time preference where you understand that this is a race. This is the digital gold rush, and it is all about speed. So expectations from companies adopting Bitcoin treasury strategies are fairly muted in that they’re here for the long haul.”
Bitcoin Magazine, which is owned wholly by BTC Inc. Bitcoin For CorporationsThe platform is focused on the adoption of Bitcoin by corporations. BFC has a number of business relationships, some of which are mentioned in the article.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
