Bitcoin Treasury strategies are adopted by companies around the world. Following the example of Michael Saylor, the founder of strategy (formerly Microstratey), the company with the greatest known stack of Bitcoin in the world, others have copied his Playbook and tries to follow; Some even try to catch up.
Recently, Bitcoin Treasuries announced that over 1 million Bitcoin is now owned by listed companies representing more than 5% of the total Bitcoin supply that marked a historic shift for a new asset that until recently was primarily owned by enthusiasts.
Bitcoin Treasury -Playbook, which inspired many of these companies, was pioneering by Saylor and developed as a response to the “melting ice” problem in traditional funding. Strategy, a lucrative cash -striking ‘business logic’ software business, struggling to grow or keep up with inflation at the time while competing with giants like Microsoft who fought for every inch of market with massive resources. The company’s cash reserves thus became ‘melting’ during inflation, a situation worsening at the time of the Covid-19 pandemic and the resulting monetary policy.
In an interview with the Bitcoin magazine, George Mekhail, CEO of Bitcoin for Business, explained the PlayBook, and noted that it “goes back to Saylor’s Origin History: He looked at his balance, so that his cash balance varodes and couldn’t keep up with inflation just by putting his money into bonds.”
After reviewing his options, including Gold, Sayylor decided that a Bitcoin Treasury strategy was the only way out that did not involved sell the company and retire. On August 11, 2020, strategy announced that the company would switch to a Bitcoin standard.
Strategy “advertised generously that the company would buy all shareholders for a prize if they did not like [bitcoin] strategy. Shortly after, on December 7, the company announced a proposed private offer of $ 400 million of convertible seniorotats. This offer was oversubscribed and completed for a total of $ 650 million of seniorotes to be due in 2025, with a 0.750% coupon. With this move, Microstratey 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 today leads a similar strategy for Metaplanet, Japan’s equivalent with strategy in the US
Coil until 2025, and “Non-endemical companies come to the same realization.” Mekhail said that many of the many companies that are not otherwise involved in the Bitcoin industry adopt many bitcoin in their treasuries in different ways.
The problem
While the Bitcoin Treasury strategy has so far carried undeniable benefits for some, not all companies have seen the same results. Some even deal with a discount for their Bitcoin stocks. Alex Wals -Membership Experience Lead at Bitcoin for companies told Bitcoin magazine that “It seems that many of the companies in the Bitcoin sphere watching fast market capital growth keep companies running at Tyrmarkedshype. Revenue, not get almost as much attention.
Take, for example, a company like Fold Holdings Inc. (NASDAQ: FLD), which recently surprised the market with a massive Bitcoin Treasury of 1492 BTC, where it placed it as the 35th largest company when measured by Total BTC Holdings. Fold is an American Bitcoin-centered financial service company with high-tech capabilities that offers rewards, payments and savings options for US users through an innovative fold app and fold prepaid payment cards. The company had calmly accumulated Bitcoin and developed its business since 2014, until its recent IPO earlier this year through a merger with FTAC Emerald Acquisition Corp. Despite its prominent character as a unique and successful Bitcoin company, its market’s net worth (MNAV) is currently below 1, of 0.916. In other words, the company’s public share is a lower value than its total Bitcoin stocks.
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 that specializes in development, ownership and investment in luxury hotel, resort and commercial properties across Land Cancuns Resorts, the Accor-ACCOR-Meanet Meal, which the Mondr Founds Mulding Monde MFORE Mond-Mors Monddr. In Mexico City and projects in Baja California, which emphasizes tourist -driven hospitality and urban developments to utilize Mexico’s robust travel sector.
During its nearly three decades, Murano has achieved a remarkable success and reported an annual turnover of approx. 730 million MXN (about $ 36.5 million USD) in its recent financial year with a growth of 155% over the year. However, it faced challenges, including a net loss of 3.57 billion MXN, in the midst of expanding operations.
In July 2025, the company announced a strategic pivot to build a Bitcoin Treasury, which started with the purchase of 21 BTC, which is valuable to over $ 2.1 million, funded through the operation of cash flows and a $ 500 million standby -Aktie purchase agreement (SEPA) with Yorkville advisers while participating in Bitcoin for Corporation’s Initiantic. Circle members to speed up the adoption of the company. When we look ahead, Murano plans to award a significant part of the SEPA revenue and real estate Split-as sales-leaseback transactions on assets such as Grand Island Cancun Condominium-Toward, accumulating a robust Bitcoin stack, targeted at $ 10 billion treasury BTC payments and recyclings in its hotels, and installation of creeping on ongoing buy guest experiences and covering against inflation.
Today, the company has a business value of almost a billion dollars, while its stock market value is less than half of that of 432 million, according to Yahoo Finance. The company’s stock has also suffered a significant correction since the Bitcoin strategy message and decreased from $ 10.41 to $ 5.45 per year. Stock, suggesting that investors disagree with or may misunderstand the company’s pivot to Bitcoin.
Two types of Bitcoin Treasury -Companies
The variation in results seen across the many Bitcoin Treasury companies that so far have led analysts to develop a framework that categorizes these companies into two essential types, ‘pure play’ accretive companies that follow the strategy model for maximum Bitcoin accumulation, and non-accrete sometimes non-endemical companies that add BitCoin to their Balance as a store as a store as a store as a store as a store as a store as a store as a store as a store as a shopping, and non-accrete sometimes non-endemical companies adding BitCoin to their balance as a store as a store as a store as a store as a store as a store as a store as a store as a store as a store to their balance to their balance as a shopping With value, but optimizes for other businesses that are outside the bitkat industry.
In the two broad categories of Bitcoin Treasury companies, Mekhail explained that “accordive companies such as Microstratey and Metaplan are getting the most attention because they have the most volatility in their stock and that they therefore have the most speculation in the retail markets, especially.” Adds that “If you are not accretive, these companies are still very interesting. Companies like fold that quietly listed … They just don’t advertise a new Bitcoin purchase every week because it’s not a core part of their strategy.”
Mekhail dug deeper into the market mood and how investors seem to analyze these companies that say that “the market is really not so interested in how much Bitcoin you have on your balance. They are more interested in things like these new measurements that we see”, referring to MNAV that compares the total value of Bitcoin stocks versus Aktivetskapitalization, Bitcoin Pr.
Chaitayan Jain, Bitcoin Strategy Manager at Strategy, reinforced this idea in an interview with the Bitcoin magazine and said that “If the company is not appreciated for a significant prize or even a reasonable prize for its ma, it is spread down to the belief from most of the shareholders that they cannot be able to surpass the spot -bit. to the capital markets at high speed to obtain equity or debt and buy more Bitcoin to increase Bitcoin per share.
Investor education and market opportunities
Companies seeking a more robust answer from the market after integrating Bitcoin into their treasury strategies is likely to have to participate in targeted and ongoing investor education. They will have to clearly formulate their Bitcoin dissertation and outline their plan to acquire more of it, especially how they will take advantage of being a cash-generating company that can afford cheap access to credit. Jain made this very clearly and noticed that “It comes to two simple ideas: access to credit in public markets, cheap credit, intelligent credit and long dated credit. And the other is the operation’s robustness and the robustness of the cash flow and Bitcoin are not a feature and will not become a distraction for the company.”
On the other hand, investors can take advantage of looking at some of these companies, which often have very long -term views on Bitcoin, giving investors a significant opportunity. Mekhail, who spoke from his experience of talking to companies about their Bitcoin strategy, noted that “Once you understand Bitcoin, I think your expectations are really quite 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 about speed. Quite muted in it that they are in the long run. “
Bitcoin Magazine is fully owned by BTC Inc. operating Bitcoin for businessesA platform focusing on business recording of Bitcoin. BFCHAs different relationships with Bitcoin companies, including some of those mentioned in this article.