Bitcoin Magazine
The Bitcoin Treasury Model With a Built-In Valuation Floor
There is a version of the Bitcoin treasury conversation that has become almost routine at this point. Bitcoin is hard money. Fiat debases. Companies that hold Bitcoin on their balance sheet are making a rational long-term decision. All of this is true, and none of it is the interesting question anymore.
The interesting question is structural. Not should a company hold Bitcoin, but what kind of company should hold it, and what that choice implies for how the company performs across a full market cycle, not just a favorable one.
Three models have emerged. Each reflects a different level of conviction, a different capital structure, and a different set of tradeoffs.
The pure-play. A company whose primary purpose is accumulating Bitcoin through capital raises, financial engineering, etc, with no core operating business. Lean structure, singular mission.
The digital credit issuer. The most sophisti
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