Bitcoin Treasury Firms Face Reality Check Amid Growing Investor Scrutiny
Bitcoin treasury companies are confronting a key question: can they outperform BTC itself, or should investors stick with the asset directly?
“If you aren’t doing that, just buy a Bitcoin ETF,” said Matt Cole, CEO of Strive Asset Management, during a panel at BTC Asia in Hong Kong. Cole, known for advocating GameStop (GME) adding BTC to its balance sheet, highlighted that achieving alpha depends on scale and smart financing, including a shift from convertibles to perpetual preferred equity. The largest hurdle, he noted, is building a $1 billion balance sheet to make leverage and IPOs feasible.
Cole emphasized bitcoin’s advantages over other tokens, pointing to its fixed supply and long-term value preservation, while Ethereum and similar tokens act more like equities.
Andrew Webley of The Smarter Web Company stressed transparency and risk communication. “Publishing your rules upfront helps investors understand trade-offs and unlocks some of the best value opportunities in BTC treasury models,” he said.
Investors face a choice: pursue aggressive strategies to beat BTC or favor companies offering steady growth with clear disclosure. Either way, bitcoin’s role as a treasury asset is growing amid ongoing fiat debasement.
Market Highlights:
- BTC: $110,500+, minor pullback, accumulation near support.
- ETH: $4,300, down 0.6%, supported by institutional demand.
- Gold: Near record highs, slight pullback.
- Nikkei 225: Gains driven by foreign buying, corporate reforms, and dovish U.S. cues.
- S&P 500: Up 0.83% to 6,502.08; traders await Friday’s jobs report.
