Bitcoin Treasury strategies are being adopted by corporations around the world. Following the example of Michael Saylor, the founder of the strategy (previously Microstrategy), the company with the largest Bitcoin battery in the world, others have copied their play book and try to do the same; Some are even trying to catch up.
Recently, Bitcoin Treasury bonds announced that now more than 1 million Bitcoin are now in the hands of companies that are quoted in the stock market, which represent more than 5% of Bitcoin’s total supply, which marked a historical change for a novel asset that, until recently, was mainly owned by enthusiasts.
The Bitcoin Treasury Play Book that inspired many of these corporations was a pioneer for Saylor and developed as an answer to the “ICECUBE DERIVED” problem in traditional finances. The strategy, a lucrative software of ‘business logic’ rich in cash, was struggling to grow or keep up with inflation at that time, while competing with giants like Microsoft, who fought for every centimeter of the market with massive resources. The company’s cash reserves were ‘melting’ under inflation, a situation exacerbated at that time by the Covid-19 pandemic and the resulting monetary policy.
In an interview with Bitcoin magazine, George Mekhail, managing director of Bitcoin for Corporations, explained the play book, noting that “dates back to Saylor’s history of origin: he looked at his general balance, saw that his cash balance was erased and could not keep up only putting his money on ties.”
After reviewing his options, including Gold, Saylor decided that a Bitcoin Treasury strategy was the only way out that could not sell the company and retire. On August 11, 2020, the strategy announced that the company would make the transition to a Bitcoin standard.
The strategy “generously announced that the company would buy from shareholders with a premium if they did not like the [bitcoin] strategy. Shortly after, on December 7, the company announced a proposed private offer of $ 400 million with larger convertible notes. This offer was subscribed in excess and was completed for a total of $ 650 million sinior notes defeated in 2025, with a coupon of 0.750%. With this movement, Microstrategy borrowed more than half a billion dollars at a negative real interest rate to buy the hardest money that the world has known. ”Dylan Leclair wrote in 2021. Leclair today leads a similar strategy for Metaplanet, the equivalent of Japan’s strategy in the United States
Fast progress until 2025, and “non -endemic companies are reaching the same realization.” Mekhail said that of the many corporations that are not involved with the Bitcoin industry, many are now adopting Bitcoin in their treasure bonds in several ways.
The problem
Although Bitcoin’s treasure strategy has so far assumed undeniable benefits for some, not all corporations have seen the same results. Some even negotiate with a discount to their Bitcoin holdings. The experience of Alex Wals’s membership is a leader in Bitcoin for Corporations told Bitcoin that “it seems that many of the companies in the Bitcoin sphere, seeing a rapid growth of market capitalization, are companies that have the exaggeration of the upward market. In contrast, companies such as the fold and Murano, which focus on active commercial operations and the generation of real income, do not receive real income So much attention.
Take, for example, a company like Fold Holdings Inc. (Nasdaq: FLD), which recently surprised the market with a massive Bitcoin treasure of 1492 BTC, placing it as the 35th largest company when measured by total BTC Holdings. Fold is a Bitcoin -centered financial services company in the US with high -tech capabilities, which offers rewards, payments and savings options to US users through an innovative application and a prepaid debit card. The company had been accumulating Bitcoin in silence and developing its business from 2014, until its recent IPO earlier this year through a fusion with FTAC Emerald Acquisition Corp. Despite its prominence as a unique and successful company of Bitcoin, its market value of the market (MNAV) is currently less than 1, to 0.916. In other words, the company’s public actions are quoted at a lower value than its total Bitcoin holdings.
Another Interesting Example is Murano Global Investments Plc (Nasdaq: Mrno), Founded in 1996 and Headquartered in London With Operations Centered In Mexico, Is a Real Estate Company Specializing in the Development, Ownership, and Investment in Luxury Hotel, Resort, and Commercial Propertial Properties acros acros acros the Country, Including High-Profile Assets Like The Hyatt-Operated Andaz and Vivid Grand Island Cancun Resorts, The Accor-Managed Mondrian Hotel in Mexico City, and projects in Baja California that emphasize hospitality and urban developments based on tourism to capitalize on the Robust travel sector of Mexico.
During its almost three decades, Murano has achieved remarkable success, informing annual income of approximately 730 million MXN (around $ 36.5 million) in its last fiscal year, with a year after year of 155%. However, he faced challenges, including a net loss of 3.57 billion MXN, amid expanding operations.
In July 2025, the company announced a strategic pivot to build a Bitcoin Treasury, starting with the purchase of 21 BTC valued at more than $ 2.1 million, financed through operating cash flow Accelerated Looking Ahead, Murano plans to allocate a significant portion of sepa processes and real estate divistures-Like saleta-leaseback transactions on ASSETS Such as Grand Island Cancun Condominiums-Toward Accumulating a Robust Bitcoin Stack, Targeting at $ 10 billion treasury with ONGOING PURCHASES FROM OPERATING PROFITS, INTEGRATION OF BTC PAYMENTS AND REWARDS IN ITS HOTS, AND INSTALLATION OF CRYPT ATMS TO ENHANCE EXPERIENCES OF THE GUESTIONS AND COVERAGE AGAINST INFLATION.
Today, the company has a business value of almost one billion dollars, while the market capitalization of its shares is less than half of that with 432 million, according to Yahoo Finance. The company’s shares have also suffered a significant correction since the announcement of the Bitcoin strategy, which falls from $ 10.41 to $ 5.45 per share, suggesting that investors do not agree or perhaps misunderstand the company’s pivot to Bitcoin.
Two types of Bitcoin Treasury companies
The variation in the results observed in the many Bitcoin Treasury companies that emerge so far has led analysts to develop a framework that classifies these companies into two essential types, the credit companies of ‘pure game’ that follow the strategy model of the maximum accumulation of bitcoins, and non -endemic non -acronative companies that add Bitcoin to their balance balance sheet as a value shop, but They optimize for other business metals outside the Bitcoin Bitcoin industry.
In the two wide categories of Bitcoin Treasury companies, Mekhail explained that “accumulated companies such as Microstrategy and Metaplanet receive the most attention because they have the greatest volatility in their actions and, therefore, have the greatest speculation in retail markets, especially.” Adding that “if it is not cumulative, these companies are still very interesting. Companies like Fold, which began in silence … simply do not announce a new purchase of Bitcoin every week because it is not a central part of their strategy.”
Mekhail deepened the feeling of the market and how investors seem to be analyzing these companies saying that “the market is not really so interested in the amount of bitcoin that it has in their balance sheet. They are more interested in things like these new metrics that we are seeing” referring to MNAV, which compares the total value of Bitcoins Bitcoins versus the capitalization of the stock market of bitcoin that must represent each participation represents, or the performance of Bitcoin.
Chaitayan Jain, Bitcoin Strategy Strategy Manager, reinforced this idea in an interview with Bitcoin magazine, saying that “if the company is not valued with a significant premium or even a reasonable premium for its MNAV, it is widely due to the belief of most shareholders who cannot overcome Bitco Bitco. It does not have the ability to access the capital market debt and buy more bitcoin to increase bitcoin per action. “
Market education and market opportunities
Companies that seek a more solid market in the market after integrating Bitcoin into their treasure strategies will probably need to participate in the education of directed and ongoing investors. They will have to clearly articulate your Bitcoin thesis and describe their plan to acquire more, particularly how they will take advantage of the benefits of being a cash flow corporation, which can provide cheap access to credit. Jain made this very clear, pointing out that “it is reduced to two simple ideas: access to credit in public markets, cheap credit, intelligent credit and long -term credit. And the second is the solidity of the operational business and the strength of cash flows and Bitcoin is not a dragon, not becoming a distraction for the company.”
Investors, on the other hand, can benefit from observing more closely to some of these companies, who often have very long -term opinions about Bitcoin, presenting investors a significant opportunity. Mekhail, speaking of his experience talking with corporations about his Bitcoin strategy, said that “once Bitcoin understands, I think his expectations are really in the long term. And he has this low preference of time in which he understands that this is a race. This is the digital gold race and it is about speed.
Bitcoin magazine is owned by BTC Inc., which operates Bitcoin for corporationsA platform focused on Bitcoin’s corporate adoption. BFCHAS A variety of relations with Bitcoin companies, including some of those mentioned in this article.