The Future of Bitcoin Treasury Companies: Ecosystem Building is Key

The Future of Bitcoin Treasury Companies: Ecosystem Building is Key

Bitcoin treasury companies, led by MicroStrategy, are facing increasing pressure. With a potential outflow of approximately $8.8 billion from global index funds, the future of these companies, and the DAT model they follow, is being questioned. The DAT model is not just about borrowing to buy Bitcoin; it is about linking the interests of traditional companies with the ecosystem of the cryptocurrency.

It goes beyond the perception of many, as many Bitcoin treasury companies are actively promoting the construction of the Bitcoin ecosystem. Actively building a Bitcoin ecosystem is one of the few remaining reliable paths to reignite the market capitalization premium of DAT companies. In bad market times, this approach can be more effective than simply hoarding more BTC, to create a sustainable premium. The market has voted with real money to prove this.

Breaking the Vicious Cycle of Storing

Storage companies, unless the price of Bitcoin rises or funding channels are blocked, will find it difficult to increase the value of CPS (Complementary Bitcoin) and prices will inevitably return to zero. Building an ecosystem is actually installing a second or even third engine, allowing for completion, technological barriers, and new growth narratives. It transforms dead assets into living profits.

For example, companies like Hut 8, Core Scientific, and Bitdeer are converting the BTC + computing power they hold into HPC resources that can be leased to large model companies like OpenAI and xAI, generating an annualized return of 8-15%, and generating US dollar revenue directly.

The valuation logic given by the market is transforming into: Bitcoin holdings (1.0x) + value-added revenue (additional premium of 0.5-1.0x).

Seizing New Narrative Cycles

The Bitcoin ecosystem still supports new narratives, from the initial Ordinals protocols to the subsequent Bitcoin Layer2 and BTCFi. As long as the company is willing to invest money, team, and brand, and transform itself into the leading listed company in this new round, retail and institutional investors will be willing to give a 2-3x multiple premium, and MARU and Blockchain Group are typical examples.

Transforming from a Capital Game to an Open Platform

• Previous logic: Premium → new issuance → buy BTC → push up stock price (closed, reflexive, very fragile)
• Current logic: Bitcoin holdings + ecosystem project portfolio + external developers/funding → platform value → sustainable premium

Summary

The market no longer trusts that simply storing coins can maintain a premium. The only thing that can reignite mNAV is companies that transform Bitcoin from dead gold into a living ecosystem. Only those who convert Bitcoin holdings into income-generating assets can obtain a perpetual premium.