The companies listed quickly turn into Bitcoin Treasury compounds, raising the capital to buy and keep BTC on their public budgets. While Bitcoin is increasingly considered as a possible global backup asset, institutional traction and strong prices, this trend may seem sound. But there is a problem: Most of these companies have plans to acquire without a business plan.
Why do you buy a premium when you can buy Bitcoin directly?
Almost any investor can buy Bitcoin directly, either a spot or through the traded investment boxes. So why do you invest through a company listed in circulating with a great allowance for the value of the pure assets of Bitcoin?
The brief answer is: You should not, unless the company has a clear strategy for the BBITCOIN mode to work in a way that investors cannot repeat easily. The BTC contract should serve a operating purpose. Otherwise, the company must return the capital and allow the shareholders to buy bitcoin on their own terms.
Bitcoin business model ≠
To justify installments, some analysts now use a concept Bitcoin returnIncrease the percentage in BTC per share over time. Although it is the main paid performance indicators to track it, it does not justify in addition to NAV on its own.
Yes, if the company issues property rights at a price higher than NAV and buy more BTC, it can increase the BTC for the share. But if the investor’s goal is to get the maximum exposure to bitcoin for every dollar that has been invested, investors must buy BTC directly.
It has been used for a long time with the limited upward trend
To accelerate their acquisitions, many cabinet companies raise capital through different types of convertible debts. The result is a long -beneficial position of bitcoin, with complete exposure on the negative and limited calm side. This structure is exactly the reason that creditors were keen to ensure these tools.
If Bitcoin falls, creditors are paid in US dollar, while the company may have to sell BTC Holdings to cover the debt. If Bitcoin rises, the creditors turn their debts into shares with a discount and sell them to capture the upper trend higher than the transfer price. This bullish trend that would belong to shareholders.
As an investor, you choose between buying at BBBITCOIN for shares or simply taking influence against your BTC.
If the company is also trading with a great bonus on the basic Bitcoin and lacks any operating plan that exceeds the purchase and BTC contract, it is likely that the answer is not.
The same applies to other simple risks, such as BTC lending in exchange for attention; They determine the risks, but do not do much to justify the installment.
Action plan, not just BTC plan
This does not mean that all bitcoin treasury companies should be traded in or less NAV. But the bonus requires more than a financing and acquisition strategy, as it requires a business strategy.
The strong public budget can be Bitcoin as a strong basis for operational business. In financing, public budgets are the basis for lending, trading, structure and more, and it is possible that some current treasury companies Nbitcoin appear as a financial giants in the future.
Mediation, provision of liquidity, guaranteed lending and organized products are all examples of operational models that can expand, generate revenues, and justify distinguished assessments.
On the contrary, just raising money to chase “Bitcoin’s return” is not a business plan. If Pure Play Treasury Company does not develop an operational plan, its premium will collapse, and it may be obtained in the end by a company Do Learn how to put bitcoin at work.
Bitcoin is the new Aqaba rate. To overcome BTC, companies must do more than just buy and keep them. They should know how to build bitcoin work.
Source: https://www.coindesk.com/opinion/2025/07/07/without-obernational-alpha-bitcoin-treasury-company-premiums-will-lapse